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TransferWise eyes China market with Alipay partnership

[BENGALURU] British online money transfer service TransferWise Ltd said on Monday it is partnering mobile payments giant Alibaba-backed Alipay to enable instant transfers to China using 17 currencies.

The move would help TransferWise tap Alipay's over 1.2 billion strong userbase, furthering its Asia expansion.

TransferWise, which globally processes US$6 billion in monthly transactions, had begun processing international payments into digital wallets in Indonesia and the Philippines late last year.

The European fintech startup, launched in 2011, has gained popularity by offering a simpler and cheaper alternative to banks for international money transfers. 

REUTERS