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Treasury

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.

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Alipay is one step closer to e-wallet world domination following a new partnership with online remittances company WorldRemit.

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.

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Sankar Krishnan,
Capgemini

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.




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