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