A cross-border payments specialist announced that it would enter a partnership with a Chinese mobile-payment service. The partnership would allow consumers to engage in international remittance through a renowned mobile application in China.
Last Wednesday, WorldRemit Corp. announced a partnership with Chinese mobile-payments service provider Alipay. It was found that about 35 million Chinese citizens who work abroad remitted about 67 billion USD in 2018 alone. Thus, both companies found large money transfers as a good business opportunity.
The partnership would allow consumers to use the WorldRemit mobile application or access the services through the company's official website to send money abroad. Alipay, an institution of Ant Financial Group, had been looking to extend its services outside of China. It has also been looking forward to partnering with US and Canadian providers to expand its network.
The report claimed the mobile-first method would help digitize remittances that have been generally offered as an offline approach. According to WorldRemit, the consumers used to take their money to an agent location where they can send the funds. The new method, however, would allow them ease-of-access in sending the money abroad through their smartphones.
The head of global remittances in Alipay Ma Zhiguo said in a statement that the service is unique and that the partnership allows a more convenient money-transfer service to its customers. It was also explained that Alipay already operates in 40 countries all over the world.
According to Acrofan, many global markets have not adopted the mobile-payments approach. According to the chief commercial officer of WorldRemit Tamer El-Emary, his company seeks to build a mobile-first, international payments service to which they see a bright future when associated with Alipay.
He claimed that their partnership would focus more on the innovation of online payments, the improvement of customer experience, and continuously develop a speedy disposition of payments to various markets. It was also explained that the collaboration would also provide a secure service whilst reducing the high associated costs.
Managing director of WorldRemit also said that China is the largest market that uses mobile payments. He claimed that the partnership would generate benefits for the sender and receiver and would also allow the firms to harness digital and mobile technology to its fullest.
WorldRemit is the leading fintech firm that provides international money transfer services. The company claimed to offer safer, faster, and low-cost transfers and is currently allows online transactions from 50 to 150 countries globally. Furthermore, it revealed that it operates about 6,500 money transfer corridors worldwide.
