Western Union announced that it has expanded its collaboration with Tencent Financial Technology to partner with Tenpay Global, Tencent’s cross-border payment platform. „Customers around the world can now send money from westernunion.com and Western Union’s app directly to their loved ones’ wallets and bank accounts based in China and available within Weixin — known globally as WeChat.” – according to the press release.
This enhancement builds on Western Union’s existing relationship with Tencent Financial Technology and Shanghai Pudong Development Bank. „In the current collaboration, Weixin users in China have the choice to use their Money Transfer Control Number (MTCN) to route their Western Union money transfers, originally intended for cash collection, to their bank accounts instead.” -the company said.
„Today’s announcement adds onto this, so senders abroad can also now push money transfers directly to their receivers’ wallets or bank accounts available within Weixin’s platform. Customers can send up to USD 5,000 (or local equivalent) per transaction1.” – the company explained.
“We are thrilled to expand our services on Weixin, one of the top digital platforms in China that plays a significant role in the lives of over 1 billion users,” said Sohini Rajola, Head of Asia Pacific at Western Union. “China is the third-largest recipient of remittances globally, receiving approximately USD 50 billion in 2023. Through our collaboration with Tenpay Global, we are excited to further enhance our services to meet the evolving needs of customers.”
China is known for its digital-savvy population. Industry reports state that China has long been the global leader in digital wallet adoption, underscoring the importance of digital-first money transfer avenues for customers.
“We are fully committed to improving the user experience, aiming to make cross-border transfers as simple as sending a message,” said Royal Chen, Vice President of Tencent Financial Technology. “Our focus lies in providing fast, convenient, and secure solutions that connect China with the global community. Weixin is a digital bridge that allows global users to connect across borders. As we move forward, we are constantly innovating to facilitate the creation of a borderless payment network.”
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1Additional conditions and limits may apply, depending on send country regulations.
Banking 4.0 – „how was the experience for you”
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Many more interesting quotes in the video below:
