TransferWise and Alipay announce collaboration

This partnership enables more than 7 million TransferWise users to send Chinese yuan from 17 currencies to Alipay

TransferWise and Alipay

TransferWise and Alipay announce collaboration. Source: transferwise.com

British fintech startup TransferWise has partnered Alibaba’s Alipay, thus enabling cross-border money transfers to China.

To carry out the transaction, TransferWise users will need to add the recipient’s name and Alipay ID. Afterward, the funds will be transferred to the bank account connected to the recipient’s Alipay profile.

Our newest partnership with Alipay has been one of the most requested features from our users since our expansion in Asia
Kristo Käärmann, TransferWise’s co-founder and CEO

According to the data, the Chinese digital remittance market has the fifth-highest transaction value worldwide at $4.9 billion, after Germany, Saudi Arabia, Switzerland, and the US.

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