Mastercard Move and TenPay Global Facilitate Digital Remittances to Weixin Pay
Mastercard Move, Mastercard’s money movement business, can now reach over 1.4 billion users of Weixin and WeChat.
This capability is enabled by a collaboration of Mastercard Move with TenPay Global, Tencent’s cross-border payment platform, the companies said in a Monday (Dec. 8) press release.
Together, Mastercard Move and TenPay Global facilitate digital remittances from eligible senders around the world to Weixin Pay, a mobile payment service within the Weixin ecosystem in China, according to the release.
“With this collaboration, recipients gain fast, secure and transparent access to funds right where they already pay,” Anouska Ladds, executive vice president, commercial new payment flows, Asia Pacific at Mastercard, said in the release. “It’s exactly how we’re driving payments modernization across the region together with our partners: embedding financial services into everyday life, expanding access, and empowering people and organizations to thrive in today’s digitally connected economy.”
Wenhui Yang, CEO of TenPay Global (Singapore) said in the release: “Together with Mastercard, we are unlocking new opportunities and greater convenience for people around the world to send money back home. This marks another step forward in supporting the growing money transfer needs of a globally connected user base, ensuring funds arrive swiftly and safely in an everyday platform they trust.”
Tencent said in April 2024 that it had made it easier for visitors to mainland China to register for a WeChat account and to link international cards to Weixin Pay. The company also said that Weixin Pay was exploring interoperability with more overseas eWallets.
Meanwhile, Mastercard Move has announced several partnerships in recent months that extend the reach of its money movement capabilities.
The company said in November that it is collaborating with Félix to make cross-border remittance flows between the United States and Latin America faster, more transparent and more secure. This combination will enable senders to message Félix’s artificial intelligence (AI) chatbot on WhatsApp to initiate a transfer powered by Mastercard Move.
In July, Mastercard said it teamed up with BMO to expand the Canadian bank’s money transfer service. This service is powered by Mastercard Move and has been expanded to add new destinations and currencies.
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