TransferWise Ltd, an online money transfer service, announced this week that it has teamed up with mobile payments giant Alipay, according to multiple media reports. The partnership facilitates instant transfers to China for 17 currencies.
Under the agreement announced on Monday, the more than 7 million users of UK-headquartered TransferWise, will be able to send Chinese yuan from 17 currencies to users of Alipay, which is backed by Alibaba.
Commenting on the partnership Kristo Käärmann, co-founder and CEO of TransferWise, said in the statement: “Our newest partnership with Alipay has been one of the most requested features from our users since our expansion in Asia. Alipay functions as the primary payment method for more than a billion people in China […].”
Alipay is a third-party mobile and online payment platform which serves more than 1.2 billion people across the world. The partnership will allow the UK company to tap into this user base and further the company’s expansion into Asia.
According to a statement seen by news outlets, customers of the UK fintech only need the recipient’s name and Alipay ID in order to execute a money transfer, which will happen under 20 seconds, the company said.
“The partnership is a major expansion for TransferWise as it reaches a new, additional market of people managing their money via the Alipay platform,” the company said in the statement, according to a report from TechCrunch.
TransferWise continues Asia expansion
The money transfer service TransferWise was most recently valued at $3.5 billion. Over the past year, the company completed a string of investments and deals that have placed it amongst leading payments venues in Europe.
Although based in the UK, the company, which processes $6 billion in monthly transactions, according to Reuters, has been expanding its services to Asia. Specifically, towards the end of last year, the firm began processing international payments into digital wallets in Indonesia and the Philippines.