Russian state lender Sberbank has rolled out a service that lets customers send money to Alipay wallets in China using phone numbers.
To make a transfer, customers indicate the phone number and full name of the recipient in SberBank Online.
Thanks to a deal with Western Union, the funds are automatically credited to the Alipay wallet in Chinese yuan with a one per cent fee.
Leonid Shnyr, director, payments and transfers, Sberbank, says: “We have added one more country to the geography of Sber’s cross-border transfers today. I am certain that remittances to China will be sought after among our clients.”