MoneyGram and Tencent Financial Technology Partner to Enable Digital Remittances to Weixin Pay Wallets in China

MoneyGram partners with Tencent Financial Technology to enable consumers to send funds directly to Weixin Pay wallets in China through MoneyGram Online, catering to the growing demand for digital remittance solutions. With China ranking as the third-highest recipient country for remittances and witnessing a surge in e-commerce and mobile payments, this collaboration aims to simplify cross-border transactions and fortify global connections.

3 April 2024 – MoneyGram International, Inc., a renowned global financial technology company, has announced a strategic partnership with Tencent Financial Technology, the fintech division of Tencent, to facilitate seamless cross-border transactions for consumers. Through this collaboration, consumers can now send funds via MoneyGram Online directly to recipients’ Weixin Pay wallet, a leading payment and digital wallet service in China, offering a fast, easy, and reliable method for receiving money.

John Gely, MoneyGram Regional Head of Asia Pacific and South Asia, emphasized the company’s commitment to providing customer-centric solutions in an increasingly digital landscape. With over 150 million served individuals in the past five years and digital enablement in more than 150 countries, MoneyGram aims to meet the growing demand for frictionless digital payout options worldwide.

China ranks as the third-highest recipient country for remittances, receiving $51 billion in 2022 according to the World Bank. With its vast internet user base and a surge in e-commerce and mobile payments, the Chinese market is increasingly embracing digital methods for cross-border transfers. The partnership between MoneyGram and Tencent Financial Technology aligns with this trend, catering to consumer demand for convenient and efficient remittance services.

Royal Chen, Vice President of Tencent Financial Technology, highlighted the importance of fortifying global connections and empowering individuals and families through simplified remittance processes. By leveraging this partnership, both companies aim to streamline cross-border transactions, making them as effortless as sending a message in today’s interconnected world.

This collaboration between MoneyGram and Tencent Financial Technology underscores their shared commitment to facilitating seamless cross-border transactions and meeting the evolving needs of consumers in an increasingly digitalized global economy.

Author: Terry KS

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