MoneyGram International, Inc., a prominent global financial technology firm facilitating connections between communities worldwide, has unveiled a fresh collaboration with Tencent Financial Technology, the fintech arm of Tencent. This partnership empowers users to transfer funds via MoneyGram Online, the company's foremost direct-to-consumer platform, directly into recipients' Weixin Pay wallets, a prominent payment and digital wallet service in China.
"As consumers increasingly seek frictionless digital payout options, MoneyGram continues to roll out customer-centric solutions around the world", said John Gely, MoneyGram Regional Head of Asia Pacific and South Asia. "MoneyGram has grown to serve over 150 million people in the last five years, and our business is now digitally enabled in more than 150 countries. Through this partnership with Tencent Financial Technology, we are proud to offer this fast, easy and reliable method to receive money in a market that so heavily relies on remittances".
As per the World Bank's data, China received $51 billion in remittances in 2022, placing it as the third-highest recipient of remittances globally. Given China's extensive internet user population and the significant growth in e-commerce and mobile payment usage, consumers are showing a growing preference for digital channels for cross-border transfers. With initiatives like the partnership unveiled, MoneyGram remains committed to addressing this evolving consumer preference and meeting their demands effectively.
"In today's ever more interconnected world, our unwavering commitment to facilitating seamless cross-border transactions remains a central focus of our global initiatives", said Royal Chen, Vice President of Tencent Financial Technology. "With our new partnership with MoneyGram, we are working together to take significant strides toward fortifying global connections and empowering individuals and families as well as simplifying remittance such that it's as effortless as sending a message".