Visa has partnered with Tencent Financial Technology to facilitate inbound remittances for Weixin users in Mainland China, extending the reach of the Visa Direct network to over one billion users. This collaboration caters to the growing demand for seamless cross-border transactions, leveraging digital wallets and enhancing convenience and security for users and businesses.
17 November 2023 – Visa, a global leader in digital payments, has teamed up with Tencent Financial Technology, the fintech division of Tencent, to facilitate inbound remittances for Weixin users in their digital wallets. Announced at the Singapore Fintech Festival 2023, this collaboration extends the Visa Direct network’s reach to over one billion Weixin users in Mainland China, one of the world’s largest inbound remittance markets.
In the rapidly growing landscape of digital wallets, this partnership addresses the surging demand for seamless and secure cross-border transactions. With over five billion digital wallet users expected globally by 2026, this collaboration enables Weixin users to receive funds directly into their wallets without the need to share traditional bank details, enhancing convenience and security for users and businesses alike.
Shirley Yu, Group General Manager at Visa Greater China, highlighted the significant growth of cross-border transfers via digital wallets, which witnessed a 48% increase in 2021, amounting to $16 billion. The Asia Pacific region, including Greater China, India, the Philippines, and Bangladesh, leads in digital wallet penetration, making them pivotal endpoints for cross-border remittances and essential conduits for financial inclusion.
This collaboration builds upon Visa’s strategic partnerships with Thunes and TerraPay, expanding Visa Direct’s capabilities to encompass over 8.5 billion endpoints, including cards, bank accounts, and digital wallets. Visa Direct serves as a centralized access point, transforming global money movement by facilitating fund delivery to eligible accounts around the world.
Royal Chen, Vice President of Tencent Financial Technology, emphasized that the partnership with Visa represents a significant leap in fostering a new era of global payment networks. By integrating with Visa Direct’s extensive network of financial institutions, Tencent aims to seamlessly connect users from these institutions to Weixin users in Visa Direct eligible markets. This collaboration not only enhances Tencent’s ecosystem but also streamlines cross-border financial transactions, making money transfers as effortless as sending a message.
Tenpay Global, Tencent Financial Technology’s cross-border payment arm, has already established partnerships with over 30 leading global remittance institutions, connecting users in more than 60 countries and territories with Weixin users. Leveraging standard APIs and robust global fund processing capabilities, Tenpay Global’s innovative remittance solution enables qualified Weixin users in Mainland China to receive remittances directly into their Weixin Wallet balance.
