Tenpay Global & TerraPay to Enable International Money Transfers to more than one billion Weixin and WeChat Users

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SHENZHEN, China, Oct. 22, 2024 /CNW/ — TerraPay, a global leader in cross-border money movement, has announced a strategic partnership with Tenpay Global, Tencent’s cross-border payment platform renowned for its innovative financial services through the Weixin ecosystem. This collaboration will enable international transfers directly to Weixin Pay users in China, reinforcing TerraPay’s commitment to delivering seamless, secure, and efficient remittance solutions.

TerraPay_Logo
TerraPay_Logo

Global remittances are projected to reach $913 billion by 2025, according to the World Bank, with a significant portion directed towards developing nations. As one of the largest recipients of remittances globally, China has received an estimated $53 billion in recent years. This presents a vast opportunity for TerraPay and Tenpay Global to tap into the inbound remittance flows within the Weixin Pay ecosystem.

For many individuals with family and friends in China, sending money home can be fraught with challenges such as, lengthy processing times, and limited access to digital payment options. TerraPay’s partnership with Tenpay Global seeks to address these challenges, providing a fast, secure, user-friendly solution for millions of global users looking to connect with their loved ones in one of the world’s most advance digital payment ecosystems.

This integration will allow TerraPay’s customers to enable their users to send money directly to over one billion Weixin and WeChat users in China, enjoying faster, more reliable cross-border transactions. The partnership enhances the convenience of digital payments, ensuring a seamless experience for users. According to our research, with around 82% of China’s population using digital wallets for everyday transactions, TerraPay’s strategic move aligns perfectly with the growing adoption of mobile wallets.

To capture this opportunity, TerraPay has also collaborated with 5 leading wallet operators to form an Interoperability Council. This is to enable participating wallets to interconnect and interoperate for multiple cross-border transaction types, including remittances and merchant payments.

“Partnering with Tenpay Global is a thrilling milestone for us in China, one of the world’s most vibrant digital payment markets,” said Ambar Sur, Founder & CEO of TerraPay. “This collaboration enables us to offer our users a direct, efficient way to send money home, fostering deeper connections across borders and expanding our wallet reach to more than 3.7 billion wallets. Furthermore, this partnership comes at an exciting time for wallet providers, as we have recently launched the Wallet Interoperability Council to drive interoperability for multiple cross-border transaction types, including remittances and merchant payments using wallets.”



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