Tenpay Global and TerraPay streamline international money transfers in China

By Gloria Mathias

TerraPay, a global cross-border money movement, has announced a partnership with Tenpay Global, Tencent’s cross-border payment platform.

Through this integration, TerraPay customers will be able to enable their users to send money directly to over one billion Weixin and WeChat users in China, enjoying faster and more reliable cross-border transactions.

For many people with family and friends in China, sending money home can present challenges, such as: B. 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.

The partnership increases the convenience of digital payments and ensures a seamless experience for users. According to research, around 82% of China’s population uses digital wallets for everyday transactions. TerraPay’s strategic move is in line with the increasing adoption of mobile wallets.

To capitalize on this opportunity, TerraPay has also collaborated with five 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.

“Partnering with Tenpay Global is an exciting milestone for us in China, one of the most dynamic digital payments markets in the world,” he said Ambar Sur, founder and CEO of TerraPay. “In addition, 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 Yang, CEO of Tenpay Global (SG), added: “Our commitment to fostering open collaboration with global partners is key to building a digital payments network across borders.” By offering efficient, seamless remittance solutions, we improve global connectivity and enable individuals to connect with their loved ones in Staying connected no matter where you are.”

Remittance corridors to China are robust. The most important routes include the US-China, Canada-China and 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.