TerraPay, a facilitator of cross-border money movement, has announced a strategic partnership with Tenpay Global, Tencent’s cross-border payment platform, to enable international transfers directly to Weixin Pay users in China.
According to the World Bank, global remittances are projected to reach $913 billion by 2025, with a significant portion directed towards developing nations. China, being one of the largest recipients of remittances globally, has received an estimated $53 billion in recent years. This presents a significant opportunity for TerraPay and Tenpay Global to tap into the inbound remittance flows within the Weixin Pay ecosystem.
Sending money home to China has often been challenging for individuals due to lengthy processing times and limited access to digital payment options. According to a press release, the partnership between TerraPay and Tenpay Global seeks to address these challenges by providing a fast, secure, and user-friendly solution for millions of global users. This integration will allow TerraPay’s customers to send money directly to over one billion Weixin and WeChat users in China, ensuring faster and more reliable cross-border transactions.
With approximately 82% of China’s population using digital wallets for everyday transactions, TerraPay’s strategic move aligns with the growing adoption of mobile wallets.
To capture this opportunity, TerraPay has collaborated with five leading wallet operators to form an Interoperability Council. This council enables participating wallets to interconnect and interoperate for multiple cross-border transaction types, including remittances and merchant payments.
Ambar Sur, founder and CEO of TerraPay, expressed excitement about the partnership, stating, “Partnering with Tenpay Global is a thrilling milestone for us in China, one of the world’s most vibrant digital payment markets. 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.”
Wenhui Yang, general manager of Tenpay Global, emphasized their commitment to fostering open collaborations with global partners to create a digital payment network across borders. By offering efficient and seamless remittance solutions, they aim to enhance global connectivity and empower individuals to stay connected with their loved ones.