[cs_content _p=’8327′][cs_element_section _id=”1″ ][cs_element_layout_row _id=”2″ ][cs_element_layout_column _id=”3″ ][cs_element_text _id=”4″ ][cs_content_seo]TerraPay, a global leader in cross-border money movement, has formed a strategic partnership with Tenpay Global, Tencent’s cross-border payment platform. This collaboration will streamline international remittance services by enabling direct transfers to Weixin Pay users in China. With China being one of the largest recipients of remittances globally, this move aligns TerraPay with the growing digital payment ecosystem in the country.
Global Remittance Market and China’s Role
The global remittance market, projected to reach $913 billion by 2025, presents significant opportunities. China, receiving an estimated $53 billion in remittances, is a key market for TerraPay’s latest venture. The partnership will offer a faster, more secure, and user-friendly solution for global users looking to send money to China through Weixin Pay, benefiting millions of families and expatriates.
Direct Transfers to Over 1 Billion Weixin Users
This integration with Weixin Pay will allow TerraPay users to send money to over one billion Weixin and WeChat users, supporting smoother, reliable cross-border transactions. With about 82% of China’s population using digital wallets, this collaboration is set to meet the growing demand for mobile wallet services.
TerraPay’s Interoperability Council
In addition to this partnership, TerraPay’s Interoperability Council, which includes five leading wallet operators, aims to foster seamless cross-border transactions and drive interoperability across various transaction types, including remittances and merchant payments.
Leadership Remarks
Ambar Sur, Founder & CEO of TerraPay, expressed excitement about the partnership, stating, “Partnering with Tenpay Global is a thrilling milestone for us in China. We’re fostering deeper connections across borders and expanding our wallet reach to over 3.7 billion wallets.”
Wenhui Yang, CEO of Tenpay Global, added, “This partnership enhances global connectivity, empowering individuals to stay connected with their loved ones.”
Key Remittance Corridors
With strong remittance corridors such as US-China and Southeast Asia-China, this partnership positions TerraPay and Tenpay Global to lead in the fast-evolving digital payment landscape, further strengthening financial inclusion worldwide.
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, and 12 billion cards. TerraPay is on a mission to create a borderless financial world, making money transfers instant, reliable, and transparent.
About Tenpay Global
Tenpay Global, the cross-border payment platform of Tencent, offers seamless cross-border payment solutions for businesses and individuals. Together with global partners, Tenpay Global bridges the world’s payment networks with Weixin’s ecosystem in China.
This partnership signifies a major milestone in enhancing cross-border payments and facilitating global remittance flows into China.\n\n[/cs_content_seo][/cs_element_layout_column][/cs_element_layout_row][/cs_element_section][/cs_content]
