TransferWise Continues Asia Expansion with Alipay Partnership

TransferWise Ltd, an online money transfer service, announced this week that it has teamed up with mobile Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term giant Alipay, according to multiple media reports. The partnership facilitates instant transfers to China for 17 currencies.

Under the agreement announced on Monday, the more than 7 million users of UK-headquartered TransferWise, will be able to send Chinese yuan from 17 currencies to users of Alipay, which is backed by Alibaba.

Commenting on the partnership Kristo Käärmann, co-founder and CEO of TransferWise, said in the statement: "Our newest partnership with Alipay has been one of the most requested features from our users since our expansion in Asia. Alipay functions as the primary payment method for more than a billion people in China […]."

Alipay is a third-party mobile and online payment platform which serves more than 1.2 billion people across the world. The partnership will allow the UK company to tap into this user base and further the company's expansion into Asia.

According to a statement seen by news outlets, customers of the UK Fintech Fintech Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Read this Term only need the recipient's name and Alipay ID in order to execute a money transfer, which will happen under 20 seconds, the company said.

"The partnership is a major expansion for TransferWise as it reaches a new, additional market of people managing their money via the Alipay platform," the company said in the statement, according to a report from TechCrunch.

TransferWise continues Asia expansion

The money transfer service TransferWise was most recently valued at $3.5 billion. Over the past year, the company completed a string of investments and deals that have placed it amongst leading payments venues in Europe.

Although based in the UK, the company, which processes $6 billion in monthly transactions, according to Reuters, has been expanding its services to Asia. Specifically, towards the end of last year, the firm began processing international payments into digital wallets in Indonesia and the Philippines.