Tenpay Global and TerraPay enable international money transfers to more than one billion Weixin and WeChat users

SHENZHEN, China, Oct 22, 2024 /PRNewswire/ — TerraPay, a global leader in cross-border money transfer, has announced a strategic partnership with Tenpay Global, Tencent’s cross-border payments platform known for its innovative financial services through the Weixin ecosystem. This collaboration enables international transfers directly to Weixin Pay users ChinaThis underlines TerraPay’s commitment to providing seamless, secure and efficient remittance solutions.

Global remittances are expected to reach $913 billion According to the World Bank, by 2025, with a significant portion going to developing countries. As one of the largest recipients of remittances in the world China received an estimate 53 billion dollars in recent years. This represents a huge opportunity for TerraPay and Tenpay Global to leverage the inbound remittance flows within the Weixin Pay ecosystem.

For many individuals with family and friends in ChinaSending money home can come with challenges such as long processing times and limited access to digital payment options. TerraPay’s partnership with Tenpay Global aims to address these challenges and provide a fast, secure and easy-to-use solution for millions of users worldwide who want to connect with their loved ones in one of the world’s most advanced digital payment ecosystems.

Through this integration, TerraPay customers can enable their users to send money directly to over one billion Weixin and WeChat users Chinaand enjoy faster and more reliable cross-border transactions. The partnership increases the convenience of digital payments and ensures a seamless experience for users. According to our research, it is around 82% China’s As the population uses digital wallets for everyday transactions, TerraPay’s strategic move fits perfectly with the increasing adoption of mobile wallets.

To capitalize on this opportunity, TerraPay has also collaborated with five leading wallet operators to form an Interoperability Council. This is intended to enable participating wallets to connect and interact with multiple cross-border transaction types, including remittances and merchant payments.

“The partnership with Tenpay Global is an exciting milestone for us Chinaone of the world’s most dynamic digital payments markets,” said Ambar SurFounder and CEO of TerraPay. “This collaboration allows us to offer our users a direct and efficient way to send money home, foster deeper connections across borders, and expand our wallet reach to more than 3.7 billion wallets. Additionally, this partnership comes at an exciting time for wallet providers, as we recently launched the Wallet Interoperability Council to advance interoperability for multiple cross-border transaction types, including remittances and merchant payments using wallets.”

Wenhui YangCEO of Tenpay Global (SG), added: “Our commitment to fostering open collaboration with global partners is key to creating a digital payments network across borders. By offering efficient, seamless remittance solutions, we improve global connectivity and empower individuals to stay connected with their loved ones, no matter where they are.

The remittance corridors in China are robust, with important routes such as the USA-China, Canada–ChinaAnd Southeast Asia–China Corridors. These corridors, operated by expatriates and foreign workers sending money back to their families, represent a crucial market segment for both TerraPay and Tenpay Global.

As China’s As the digital payments landscape continues to evolve, this collaboration enables TerraPay to leverage its strong presence in Southeast Asiawhich further improves the speed and convenience of payments China. Together, TerraPay and Tenpay Global want to make sending money home not just a transaction, but a bridge that connects families and communities across borders.

About TerraPay

TerraPay simplifies global money movement and provides a single connection to one of the most extensive cross-border payment networks regulated in over 30 global markets. The platform enables payments to over 144 receiving countries, over 210 sending countries, over 3.7 billion mobile wallets, 7.5 billion bank accounts and over 12 billion cards. TerraPay is committed to creating a borderless financial world and making money transfers instant, reliable, transparent and fully compliant. Founded in 2014, TerraPay operates in over 12 countries and has built the global interoperable digital wallet network that advances financial inclusion in even the most remote markets. TerraPay is headquartered in Londonwith offices in cities like Bangalore, Dubai, BogotaDar es Salaam, KampalaAnd Singapore. With the support of leading investors such as 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 from Tencentis your gateway to seamless cross-border payment solutions for businesses and individuals. We provide scenario-based services for various customer groups, including cross-border consumption, cross-border remittances and cross-border trade scenarios. Together with global partners, we are committed to connecting the world’s payment networks with the Weixin ecosystem China.

Media contact:
Juveria Samrin,
[email protected]

SOURCE TerraPay