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, |
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.