WorldRemit launches digital money transfers to China UnionPay cards
25/4/2019 | 3 minute read
WorldRemit customers in over 50 countries can now send money to China UnionPay debit cards in China directly from their phones
Beijing and London, 25 April 2019: Leading digital money transfer service WorldRemit has launched safe, fast and low-cost international transfers to China UnionPay debit cards in China.
The Chinese diaspora living in over 50 countries, including the USA, UK, Canada, Australia and Singapore, can now send money to any China UnionPay debit card in China using the WorldRemit app or website.
WorldRemit is a global leader in online money transfers. Its low fees and exchange rates are shown up-front and customers can send money in a few taps directly from their phones, without having to visit a money transfer agent. Over 90% of the company’s transfers are paid out within minutes.
WorldRemit has enabled digital money transfers to China UnionPay debit cards through a new strategic partnership with money services business, Merchantrade. The new service significantly increases WorldRemit’s footprint in Asia-Pacific, allowing customers to transfer money to over 14 leading banks in China including Industrial and Commercial Bank of China, Bank of China and China Construction Bank.
WorldRemit offers money transfers to around 20 countries in APAC and its business in the region is growing fast. Top sender countries from APAC include Australia, New Zealand, Singapore, Japan and Hong Kong.
China has the largest migrant population and is the second largest remittance recipient globally. The World Bank estimates that the Chinese diaspora sent home over $67 billion in 2018. However, China is one of the most expensive G20 countries to send money to, with an average cost of nearly 8.5% for sending $200.
Michael Liu, Managing Director for Asia-Pacific at WorldRemit, comments: “Asia Pacific is a hugely important market for WorldRemit, with transfers to the region growing by 35% in 2018. We’re further expanding our footprint in APAC by launching digital transfers to all UnionPay cards in China.
“With approximately 35 million Chinese people living abroad, China is one of the largest recipients of international money transfers in the world. However, the cost of sending money to the country is still well above the global average. Our new bank transfer service allows the diaspora to send money home quickly, securely and at a low-cost with a few taps from their smartphone.”
WorldRemit currently serves 5.7 million customers, completing 1.3 million transfers every month from over 50 countries to over 145 destinations.
About WorldRemit
We are a leading global payments company and, along with Sendwave, part of Zepz, a group powering two global remittance brands.
We disrupted an industry previously dominated by offline legacy players by taking international money transfers online – making them safer, faster and lower cost. We currently operate in more than 5,000 money transfer corridors worldwide and as part of Zepz, are part of a 1,400 person global workforce.
Sending money with WorldRemit is 100% digital (cashless), increasing convenience and enhancing security. For those receiving money, we offer a wide range of options, including bank transfer, cash pickup, airtime top up and mobile money.
Backed by Accel, TCV and Leapfrog – WorldRemit’s headquarters are in London, United Kingdom, with regional offices in the United States, Poland, Canada, Australia, Hong Kong, Singapore, Malaysia, the Philippines, South Africa, Somaliland, Uganda, Kenya, Rwanda, Tanzania, Zimbabwe and Belgium.
About Zepz
Zepz Group is the group powering leading global remittance brands: WorldRemit and Sendwave. Since 2021, Zepz Group has been disrupting an industry previously dominated by offline legacy players by reducing the barriers to finance and increasing safety and convenience for users. Every day, Zepz Group and its brands work towards unlocking the prosperity of cross-border communities through finance and technology - driven by the vision of a world that celebrates migrants’ impact on prosperity, at home and abroad.
Zepz Group brands have helped cross-border communities send over $15bn from 50 countries, to recipients in 130 countries in 2022, and operate over 5,000 money transfer corridors worldwide. Zepz Group employs over 1,400 people globally as a remote-first employer, with team members located across six continents.
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