MoneyGram and Tencent collaborate to send money to Chinese customers of Weixin Pay wallets.

A new agreement has been established between MoneyGram International, Inc. ("MoneyGram" or the "Company"), a leading global financial technology company that links communities worldwide, and Tencent Financial Technology, Tencent's fintech division.

Madilyn Swift

April 06, 2024

1Min Read

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Payments

Through the agreement, customers may send money directly to recipients' Weixin Pay wallets, one of China's top payment and digital wallet services, via MoneyGram Online, the company's top direct-to-consumer website and app.

According to John Gely, Regional Head of MoneyGram for Asia Pacific and South Asia, "MoneyGram continues to roll out customer-centric solutions around the world as consumers increasingly seek out frictionless digital payout options." In the past five years, MoneyGram has expanded to serve more than 150 million people, and more than 150 nations now have digital access to our services. In a market where remittances play a major role, we are pleased to provide this quick, simple, and dependable way to receive money thanks to our collaboration with Tencent Financial Technologies."

China ranked third globally in terms of remittance receipts in 2022, with $51 billion received, according to the World Bank. With China having one of the biggest internet user bases in the world, along with a rise in e-commerce and mobile payments, people are looking more and more for digital solutions to complete cross-border transactions. MoneyGram continues to satisfy customer demand through partnerships that are focused on the needs of the customer, like the one that was announced today.

Royal Chen, Vice President of Tencent Financial Technology, highlighted, "In today's increasingly interconnected world, our steadfast commitment to facilitating seamless cross-border transactions remains a central focus of our global initiatives." He elaborated on their new partnership with MoneyGram, emphasizing collaborative efforts to strengthen global connections. Furthermore, they aim to empower individuals and families while simplifying remittance to the extent that it becomes as effortless as sending a message.