Online remittance company TransferWise signed an deal with Ant Financial’s Alipay to open access to the latter’s mobile wallets in China, significantly expanding its reach into the country.
The deal allows the international cash transfer company to send funds directly to mobile accounts by replacing the need to submit the recipient’s bank details with an Alipay ID.
Prior to signing the agreement, the remittance company provided payments into China through card provider UnionPay.
In a statement, TransferWise said users would be able to send funds in 17 currencies including British pounds, US dollars, euros and yen. It is not currently supporting business transactions through the service.
Customers are able to send five transfers a month to Alipay accounts with each transaction restricted to a maximum of CNY31,000 ($4,398.21). An annual limit of CNY500,000 is also in place.
TransferWise offers cash transfers through its website and mobile app in a range of currencies to destinations across the world. It has a range of partner agreements in place with banking companies, payment processors and mobile wallet companies.Subscribe to our daily newsletter Back