Alipay partners with WorldRemit to tap into the Chinese diaspora
The partnership will boost Alipay’s control of money flowing into China and increase its status abroad.
The partnership, agreed on the January 22, will allow consumers to use the WorldRemit app or website to send cross-border remittances to the Alipay app, creating access to China’s mobile money market and serving the 50 million-strong Chinese diaspora.
Sankar Krishnan, executive vice-president, banking and capital markets at Capgemini, says: “For Alipay, the integrated platform has just received a valuation boost as arguably the largest single payments provider in a single global market, where P2P payments are continuously the norm with the growth in real-time payment wallets.”
Alipay has made several similar strategic partnerships in recent years to gain a share of the remittances market in China.
Malaysian-based online remittance company Tranglo announced a partnership with Alipay earlier this month, and London-based payments and foreign-exchange platform Finablr entered into a similar agreement with Alipay in November.
In February 2019, Alipay’s parent company Ant Financial bought UK currency exchange company WorldFirst in a deal worth $700 million, which will increase Alipay’s reach in Europe.