Card-to-card and international payments platform Paysend has launched a technology partnership with Tencent Holdings’ FinTech division that will let people receive money over Tencent’s WeChat service.
According to a Wednesday (Dec. 29) news release, the partnership will let Paysend users make cross-border payments through licensed banks in China, with the funds going to bank accounts linked to the Weixin app, a version of WeChat targeting users in mainland China.
“The meteoric rise of mobile and app-based payments in China has brought convenience to the lives of over one billion people,” Alex Bessonov, group head of network development and strategic partnerships at Paysend, said in the announcement.
“This new partnership with Tencent Financial Technology expands acceptance of Paysend transfers to Weixin users, and underlines our ambition to use the most advanced technology to make payments faster and easier for millions of people around the world,” Bessonov continued.
Wenhui Yang, general manager, Tencent Financial Technology Asia Pacific, added that “companies like Paysend provide an easier, more convenient and lower cost alternative for people to send money to friends and family.”
“Ultimately, our partnership is another step in promoting openness and interoperability among the digital payment industry, thereby increasing convenience for customers who can send and receive money in the way that makes most sense to them,” Yang said.
Per the release, Paysend serves over five million customers across 135 countries.
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In May, Paysend closed a $125 million round of Series B funding, which the company said it would use to boost its international presence and fund product and service innovation. Paysend has said it is focused on tapping the $133 trillion cross-border payments market.
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