TerraPay, a leading global player in cross-border money movement, has announced a strategic partnership with Tenpay Global, Tencent’s cross-border payment platform. This collaboration aims to facilitate international transfers directly to Weixin Pay users in China, underscoring TerraPay’s commitment to providing secure and efficient remittance solutions.
According to the World Bank, global remittances are projected to reach an astounding $913 billion by 2025, with a significant portion directed towards developing nations. China stands out as one of the largest recipients of remittances globally, having received an estimated $53 billion in recent years. This presents a considerable opportunity for TerraPay and Tenpay Global to tap into the inbound remittance flows within the expansive Weixin Pay ecosystem.
For individuals with family and friends in China, the process of sending money home can often be fraught with challenges, including lengthy processing times and limited access to digital payment options. The partnership between TerraPay and Tenpay Global seeks to alleviate these issues by providing a fast, secure, and user-friendly solution for millions of global users wishing to connect with their loved ones in one of the world’s most advanced digital payment environments.
The integration will empower TerraPay’s customers to send money directly to over one billion Weixin and WeChat users in China, facilitating faster and more reliable cross-border transactions. Research indicates that approximately 82% of China’s population uses digital wallets for everyday transactions, making TerraPay’s strategic move well-aligned with the growing adoption of mobile payment solutions.
To further capture this burgeoning market, TerraPay has also established an Interoperability Council comprising five leading wallet operators. This initiative aims to enable participating wallets to interconnect and support multiple cross-border transaction types, including remittances and merchant payments.
Ambar Sur, Founder and CEO of TerraPay, expressed enthusiasm about the partnership: “Teaming up with Tenpay Global marks an exciting milestone for us in China, one of the world’s most dynamic digital payment markets. This collaboration allows us to provide our users with a direct and efficient way to send money home, nurturing deeper connections across borders and expanding our reach to more than 3.7 billion wallets. Furthermore, our recent launch of the Wallet Interoperability Council will enhance interoperability for various cross-border transaction types, encompassing remittances and merchant payments.”
Wenhui Yang, CEO of Tenpay Global, echoed this sentiment, stating, “Our dedication to fostering open collaborations with global partners is fundamental to creating a cross-border digital payment network. By providing efficient and seamless remittance solutions, we enhance global connectivity and empower individuals to stay in touch with their loved ones, regardless of their location.”
The remittance corridors into China are notably robust, with significant routes including the US-China, Canada-China, and Southeast Asia-China corridors. These pathways, largely driven by expatriates and overseas workers sending money back home, 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 transform the process of sending money home into a vital connection between families and communities across borders.
