SHENZHEN, China, Oct. 22,
2024 /CNW/ -- TerraPay, a global leader in
cross-border money movement, has announced a strategic partnership
with Tenpay Global, Tencent's cross-border payment platform
renowned for its innovative financial services through the Weixin
ecosystem. This collaboration will enable international transfers
directly to Weixin Pay users in China, reinforcing TerraPay's commitment to
delivering seamless, secure, and efficient remittance
solutions.
Global remittances are projected to reach $913 billion by 2025, according to the World
Bank, with a significant portion directed towards developing
nations. As one of the largest recipients of remittances globally,
China has received an estimated
$53 billion in recent years. This
presents a vast opportunity for TerraPay and Tenpay Global to tap
into the inbound remittance flows within the Weixin Pay
ecosystem.
For many individuals with family and friends in China, sending money home can be fraught with
challenges such as, lengthy processing times, and limited access to
digital payment options. TerraPay's partnership with Tenpay Global
seeks to address these challenges, providing a fast, secure,
user-friendly solution for millions of global users looking to
connect with their loved ones in one of the world's most advance
digital payment ecosystems.
This integration will allow TerraPay's customers to enable their
users to send money directly to over one billion Weixin and WeChat
users in China, enjoying faster,
more reliable cross-border transactions. The partnership
enhances the convenience of digital payments, ensuring a seamless
experience for users. According to our research, with around 82% of
China's population using digital
wallets for everyday transactions, TerraPay's strategic move aligns
perfectly with the growing adoption of mobile wallets.
To capture this opportunity, TerraPay has also collaborated with
5 leading wallet operators to form an Interoperability Council.
This is to enable participating wallets to interconnect and
interoperate for multiple cross-border transaction types, including
remittances and merchant payments.
"Partnering with Tenpay Global is a thrilling milestone for us
in China, one of the world's most
vibrant digital payment markets," said Ambar Sur, Founder & CEO of TerraPay. "This
collaboration enables us to offer our users a direct, efficient way
to send money home, fostering deeper connections across borders and
expanding our wallet reach to more than 3.7 billion wallets.
Furthermore, this partnership comes at an exciting time for wallet
providers, as we have recently launched the Wallet Interoperability
Council to drive interoperability for multiple cross-border
transaction types, including remittances and merchant payments
using wallets."
Wenhui Yang, CEO of Tenpay Global
(SG), added, "Our commitment to fostering open collaborations with
global partners is the key to create a digital payment network
across borders. By offering efficient, seamless remittance
solutions, we are enhancing global connectivity and empowering
individuals to stay connected with their loved ones, no matter
where they are."
The remittance corridors into China are robust, with key routes including
the US-China, Canada-China, and Southeast
Asia-China corridors. These
corridors, driven by expatriates and overseas workers sending money
back to their families, represent a crucial market segment for both
TerraPay and Tenpay Global.
As China's digital payment
landscape continues to evolve, this collaboration positions
TerraPay to leverage its strong presence in Southeast Asia, further enhancing the speed
and convenience of payments into China. Together, TerraPay and Tenpay Global
are set to make sending money home not just a transaction, but a
bridge connecting families and communities across borders.
About TerraPay
TerraPay simplifies global money movement, providing a single
connection to one of the most expansive cross-border payment
networks regulated in over 30 global markets. The platform enables
payments to 144+ receiving countries, 210+ sending countries, over
3.7 billion mobile wallets, 7.5 billion bank accounts, and more
than 12 billion cards. TerraPay is on a mission to create a
borderless financial world, making money transfers instant,
reliable, transparent, and fully compliant. Founded in 2014,
TerraPay operates in over 12 countries and has built the global
digital wallet interoperable network, driving financial inclusion
even in the most remote markets. TerraPay is headquartered in
London, with offices in cities
like Bangalore, Dubai, Bogota, Dar es Salaam, Kampala, and Singapore. Backed by leading investors
including the IFC (World Bank), Prime Ventures, Partech Africa, and
Visa, TerraPay continues its rapid global expansion.
About Tenpay Global
Tenpay Global, the cross-border payment platform of Tencent, is your gateway to seamless cross-border
payment solutions for businesses and individuals. We offer
scenario-based services for different customer groups, including
cross-border consumption, cross-border remittances, and
cross-border commerce scenarios. Together with global partners, we
are committed to bridging the world's payment networks
with Weixin's ecosystem in China.
Media Contact:
Juveria Samrin,
juveria.n@terrapay.com
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SOURCE TerraPay