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SHENZHEN, China, Oct. 22, 2024 /PRNewswire/ -- 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
