UK-based payment ecosystem, Paysend, has just announced a partnership with the fintech arm of internet and technology company, Tencent. The joint venture will allow people to receive money through Weixin – China’s version of WeChat.
Transfers will be possible across borders, via licensed banks in China - with funds reaching the bank account linked to the Weixin application.
Alex Bessonov, group head of network development and strategic partnerships at Paysend, noted: “The meteoric rise of mobile and app-based payments in China has brought convenience to the lives of over one billion people. This partnership with Tencent Financial Technology expands acceptance of Paysend transfers to Weixin users and underlines our ambition to use advanced technology to make payments faster and easier for millions around the world.”
With five million consumers now on its platform, Paysend is working to increase financial inclusion.
“As customer preferences change,” said Wenhui Yang, general manager, Tencent Financial Technology Asia Pacific, “companies like Paysend provide an easier, more convenient, and lower cost alternative for people to send money to friends and family. Ultimately, our partnership is another step in promoting openness and interoperability among the digital payment industry, thereby increasing convenience for customers who can send and receive money in the way that makes most sense to them.”