Tenpay Global & TerraPay streamline international money transfers in China

By Gloria Mathias

TerraPay, a global cross-border money movement, has announced a partnership with Tenpay Global, Tencent’s cross-border payment platform.

This integration will allow TerraPay’s customers to enable their users to send money directly to over one billion Weixin and WeChat users in China, enjoying faster, more reliable cross-border transactions.

For many individuals with family and friends in China, sending money home can be fraught with challenges, such as lengthy processing times and limited access to digital payment options. TerraPay’s partnership with Tenpay Global seeks to address these challenges, providing a fast, secure, user-friendly solution for millions of global users looking to connect with their loved ones in one of the world’s most advanced digital payment ecosystems.

The partnership enhances the convenience of digital payments, ensuring a seamless experience for users. According to research, with around 82% of China’s population using digital wallets for everyday transactions, TerraPay’s strategic move aligns with the growing adoption of mobile wallets.

To capture this opportunity, TerraPay has also collaborated with 5 wallet operators to form an Interoperability Council. This is to enable participating wallets to interconnect and interoperate for multiple cross-border transaction types, including remittances and merchant payments.

“Partnering with Tenpay Global is a thrilling milestone for us in China, one of the world’s most vibrant digital payment markets,” said Ambar Sur, Founder & CEO of TerraPay. “Furthermore, this partnership comes at an exciting time for wallet providers, as we have recently launched the Wallet Interoperability Council to drive interoperability for multiple cross-border transaction types, including remittances and merchant payments using wallets.”

Wenhui Yang, CEO of Tenpay Global (SG), added, “Our commitment to fostering open collaborations with global partners is the key to create a digital payment network across borders. By offering efficient, seamless remittance solutions, we are enhancing global connectivity and empowering individuals to stay connected with their loved ones, no matter where they are.”

The remittance corridors into China are robust, with key routes including the US-China, Canada-China, and Southeast Asia-China corridors. These corridors, driven by expatriates and overseas workers sending money back to their families, represent a crucial market segment for both TerraPay and Tenpay Global.