April 13, 2021 All Things Fintech in Africa

WorldRemit Goes to a Partnership with AliPay

WorldRemit Goes to a Partnership with AliPay

On January 22, Alipay entered a new partnership with  WorldRemit, a online remittances company.  The partnership will allow consumers to use the WorldRemit app or website to send cross-border remittances to the Alipay app, creating access to China’s mobile money market and serving the 50 million-strong Chinese diaspora.

“Our vision is to build a mobile-first, international payments service and we’re excited to work with Alipay as a partner,” said Tamer El-Emary, Chief Commercial Officer, WorldRemit. “The partnership will focus on innovation, customer experience and speed to market.

According to Tamer El-Emary,

“Our partnerships allow us to tap into a large recipient base on a mobile-to-mobile platform, giving us access to the largest mobile money markets in the world. Partnerships are an integral part of our strategy because they allow us to enter new markets and establish ourselves on the receive side, whereas if we did this alone it would take a lot of time and would be much more expensive.” With the partnership, WorldRemit will now have access to more than one billion Alipay users in China.

However, mobile-to-mobile models, such as that created between Alipay and WorldRemit, may not work everywhere, says Santosh Tripathy, practice lead, digital payments with financial transaction management company SmartStream Technologies:

“Mobile payments are a low-value, high-volume business where companies need to maintain and grow merchant networks and large customer bases to survive in an already crowded market space,” he says. “The rise of digital wallets, APIs and open-banking initiatives makes mobile money wallets defunct because, in effect, they cut out the middle layer. When you can link your phone straight to your bank account and credit cards, you bypass the need for an e-wallet such as Alipay or Paytm. And in other places, where you need to be able to access cash because mobile wallets are still not widely accepted, a different approach will be required.”

With WorldRemit’s mobile first approach to digitizing remittances, the collaboration between Alipay and WorldRemit will help make remittance services more convenient and affordable, especially for migrant workers globally.

However, the partnership with WorldRemit marks a further step in Alipay’s efforts to harness the power of digital and mobile technology, to make financial services more inclusive and affordable, especially for underserved and underbanked individuals worldwide.

 

“We look forward to working with WorldRemit to build a remittance service that is fast, secure, and cost effective,” said Ma Zhiguo, Alipay’s head of global remittances. “The unique mobile to mobile payment experience that this partnership delivers allows us to provide a convenient money transfer service to Alipay customers.”

 

.

Banner
Related Posts

Zazu Raises $1.4m in an attempt to expand their user base

December 11, 2019

December 11, 2019 1

  Zazu fully started as a digital banking space in 2107.  Previously, Zazu was a platform where farms could connect...

Paypal Launches Xoom in the African market

August 25, 2019

August 25, 2019

  PayPal in 2015 brought xoom, a money transfer company which now serves 33 African countries from about 30 European...

World Remit: A FinTech Startup Revolutionizing Money Transfer and Remittance  

April 17, 2019

April 17, 2019 1

World Remit, in short, is money transfer and remittance made easy. Within minutes of transactions, funds are being directly deposited...

 FlutterWave:  Creating Financial Accessibility With Digital Payment Solutions

September 27, 2019

September 27, 2019

Introduction:  Sometimes, I feel the technology is  man’s coolest invention. Digital bank is the newest rave of the now, which...

Paga, Nigeria’s Mobile Money Operator Crosses 1.5 Trillion Naira in Transaction

August 12, 2019

August 12, 2019 1

Paga, Nigeria’s Mobile Money Operator Crosses 1.5 Trillion Naira in Transaction Value Earlier today, the CEO of Paga, Nigeria’s foremost...

Paga partners with FlutterWave, to Integrate International Payments

March 18, 2020

March 18, 2020

Paga is a Nigerian Fintech Company, that builds solutions to make it simple for consumers and businesses to access and...

ORide; Nigeria’s Bike hailing Service launched by OPay

June 6, 2019

June 6, 2019 1

ORide, a bike-hailing app launched under the hub of OPay intends to make going around Lagos easier. On the average...

Using Blockchain to Enable Faster Cross Border Remittance

May 10, 2019

May 10, 2019

Using Blockchain to Enable Faster Cross Border Remittance Blockchain derived its name from how it works and the way it...

Hollaport Launches in Lagos, Announces its Plan to Deepen Financial Inclusion

July 12, 2019

July 12, 2019

Kabiru Rabiu of BUA Group Launches Hollaport App Kabiru Rabiu, Group Executive Director of Bua Group, a leading Nigerian conglomerate...

M-Naria’s Three Cool Features you had no Idea about

April 30, 2019

April 30, 2019

  M-naira is the new way of making transfers across countries. Before now, if one wanted to send money from...

How To Make Interswitch Payments Using Your Mobile Phone

April 16, 2019

April 16, 2019

How To Make Interswitch Payments Using Your Mobile PhoneMaking payments using your mobile phone can be a real headache. Trust me, I know. From USSD codes to apps and even websites, everything misbehaves at one point or the other.

JumiaPay: a fintech platform for payments, loans & ticketing

September 5, 2019

September 5, 2019

  Jumia, an e-commerce platform for Africa backed by MTN and Rocket Internet has introduced new features on JumiaPay. The...

Konga Pay : Features you never knew  about and How it Works.

May 7, 2019

May 7, 2019

Konga Pay is a pilot product launched by Konga.com in 2015 for online shoppers.  Shopping on Konga was made easier...

KudiGO, a Ghaianian startup, that builds solutions for the consumer retail industry, plans expand to Nigeria .

February 1, 2020

February 1, 2020

KudiGo started operations in November 2018, providing an integrated, mobile-based retail, payments, accounting and analytics engine for the consumer retail...

Top 10 Interesting facts about Interswitch Nigeria

April 11, 2019

April 11, 2019 1

Top 10 Interesting facts about Interswitch Nigeria Today many payment processing companies exist, but Interswitch Nigeria has made an incredible...

Comments
Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.