MoneyGram and Tencent partner on remittances to Weixin Pay wallet users across China
In brief:
- MoneyGram International, a leading global financial technology company that connects the world's communities, today announced a new partnership with Tencent Financial Technology, the fintech division of Tencent.
- The partnership enables consumers to send funds through MoneyGram Online, MoneyGram's leading direct-to-consumer website and app, directly to recipients' Weixin Pay wallet, a leading payment and digital wallet service in China.
- According to the World Bank, China received $51 billion in remittances in 2022, ranking the third highest receive country for remittances in the world.
What does this mean?
"As consumers increasingly seek frictionless digital payout options, MoneyGram continues to roll out customer-centric solutions around the world," said John Gely, MoneyGram Regional Head of Asia Pacific and South Asia. "MoneyGram has grown to serve over 150 million people in the last five years, and our business in now digitally enabled in more than 150 countries. Through this partnership with Tencent Financial Technology, we are proud to offer this fast, easy and reliable method to receive money in a market that so heavily relies on remittances."
