To that end, earlier this year, Tencent invested in Easy Transfer, a startup that aims to make tuition payments less stressful for the many Chinese students who choose to study overseas. What Tencent can do is partner with firms that are licensed to handle outbound cross-border payments, though this is obviously less optimal than being able to directly process the payments itself. In a nutshell, the money can only go one way for now: into China. ![]() While China is a huge remittance market, second only to India globally, Tenpay Global Remittances does not yet have an opportunity to build alternative rails for outbound payments. One of the limitations of Tencent’s cross-border payments business will be something over which it has no control: China’s capital controls. To attract users of the remittance service, Tencent and its partners will hand out subsidies they call it an “incentive program.” This sounds a lot like what Alipay+ and its payments partners are doing. Some of the money transfer firms it counts as its partners include Wise, Remitly, E9Pay, Debunk Remit, Panda Remit, Paysend and WireBarley. ![]() Tencent’s financial arm will continue to partner with various global fintech firms as it grows its cross-border payment services. This sounds like more of an add-on that something brand new, and Tencent says in its press release that the “new feature builds on the existing remittance service available through the Weixin-bundled bank card.” ![]() Tenpay Global Remittances, meanwhile, will allow users of WeChat on the Chinese mainland to receive remittances directly to their WeChat wallet.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |