It also enables merchants the ability to offer customers to pay for purchases in their domestic currency, regardless of where a sale is generated. The marketplace supports eCommerce merchants in 42 countries, 31 currencies and 28 languages. Late last year, Wise also announced a partnership with eCommerce marketplace Fruugo. Businesses can make payments to partners in mainland China at a mid-market exchange rate. Wise also enables B2B transfers to China through eight different currencies, including SGD, GBP, and USD. “With the upcoming Lunar New Year festivities, a service that is fast, convenient, affordable and transparent will provide immense value to people sending money home to their loved ones. “China is the world's second largest remittance recipient with USD$60 billion inflow into the country in 2020,” adds Wise APAC expansion lead Lim Paik Wan. Wise also provides the ability to send money to Alipay and UnionPay users in China.
“The collaboration is another step in bringing convenience to our recipients in China leveraging Wise's global reach together with Weixin, a platform our recipients in China are most familiar with. The funds will reach the bank card linked to the recipient's Weixin account.Īccording to Tencent Financial Technology Asia Pacific general manager Wenhui Yang, the partnership is a milestone in money transfer enablement through Weixin. Customers need the recipient's name and Weixin ID, rather than bank details and codes.
Wise customers will not be able to send money to Weixin users in 11 different currencies: AUD, BRL, CAD, GBP, IDR, INR, JPY, MYR, NZD, SGD, and USD. Collectively, the two platforms serve more than 1.2 billion users. Weixin operates via mainland China mobile numbers, while WeChat operates through international and non-Chinese mobile numbers. Weixin, which is described as a version of WeChat for users in Mainland China, is operated by Tencent. "Our cooperation is conducive to the more open and international development of China's payment and bank card clearing services," said Chen Qiru, vice-president of Tencent Financial Technology.Īmerican Express will also carry out cooperation with the Industrial and Commercial Bank of China, Agricultural Bank of China, Bank of China, China Construction Bank, China UnionPay and Alipay.Tencent Financial Technology and online money transfer company Wise are partnering to enable international money transfers to China through the messaging app Weixin. This means that Tencent Financial Technology has reached a cooperation agreement with Express (Hangzhou) Technology Services Company Limited. Squeri, chairman and chief executive officer of American Express. This approval represents an important step forward in our long-term growth strategy," said Stephen J. "We are pleased to be the first foreign company to receive this license. HANGZHOU - China's tech giant Tencent announced on June 16 that its WeChat Pay will support American Express RMB credit cards, coming soon.Ĭhina's central bank on June 13 announced that it had approved an application by American Express' Chinese venture to conduct bank card clearing operations in the country.
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