On December 8, Mastercard announced a collaboration between its money movement service, Mastercard Move, and Tencent's cross-border payment platform, TenPay Global, to facilitate fast, secure, and transparent digital remittances to WeChat Pay—the leading mobile payment service within the WeChat ecosystem. In the future, global users will be able to send salaries and family support funds directly to WeChat Pay balances or linked bank cards via Mastercard Move’s cross-border money transfer solution.
According to World Bank data, China received approximately $31.41 billion in personal cross-border remittances in 2024. With the continued growth of international travel, global trade, and overseas employment, demand for faster, safer, and more convenient cross-border transfers has increased. By combining Mastercard Move’s trusted global network and innovative technology with WeChat’s massive user base and ecosystem, this partnership establishes another efficient channel for global cross-border remittances.
Anouska Ladds, Executive Vice President of Commercial and New Payment Flows for Mastercard Asia Pacific, stated, "In the Asia-Pacific region, digital wallets have long been an indispensable part of daily life. This collaboration not only enables recipients to receive funds more quickly, securely, and transparently on their preferred payment platform but also advances Mastercard’s vision of modernizing payments. By integrating financial services into everyday life and expanding our reach, we are committed to empowering individuals and institutions to thrive in a connected digital economy."
Yang Wenhui, CEO of TenPay Global (Singapore), said, "We are dedicated to helping users stay connected no matter where they are. By partnering with Mastercard, we provide global users with greater convenience and options for sending money home. Additionally, we are taking another significant step to meet the growing demand for cross-border remittances while ensuring funds reach trusted daily payment platforms swiftly and securely. Moving forward, we will continue developing solutions that enhance cross-border connectivity and create value for both senders and recipients."
Currently, Mastercard Move supports nearly 10 billion payment endpoints worldwide, including bank accounts, cards, digital wallets, and cash pickup locations. This partnership further extends Mastercard Move’s services to over 1.4 billion WeChat and WeChat Pay users, offering more choices and convenience for remitters and recipients alike.
Mastercard Move is designed to provide fast and secure money transfer solutions for payers, banks, non-bank financial institutions, and their customers. Today, the solution operates in over 200 countries and regions, supports more than 150 currencies, and serves both domestic and international use cases, reaching over 95% of bank account holders globally.
Comments