WorldRemit expands transfer flexibility through Alipay
Alipay and WorldRemit will enable consumers to send remittances to the Alipay app to support broader use for payments and other financial services.
WorldRemit offers a mobile-focused digital service to send funds across the globe. It leverages a wide range of options to cash out of funds received in addition to the new Alipay partnership including bank deposit, cash collection, mobile airtime top-up and mobile money. Based in London, WorldRemit has a presence in the U.S., Canada, South Africa, Singapore, Japan, the Philippines, Australia, and New Zealand.
“We look forward to working with WorldRemit to build a remittance service that is fast, secure, and cost effective. The unique mobile to mobile payment experience that this partnership delivers allows us to provide a convenient money transfer service to Alipay customers,” said Ma Zhiguo head of remittances at Alipay in a release. Terms of the Alipay partnership were not disclosed.
In June WorldRemit raised $175 million to capitalize on the growing global remittance market which is expected to exceed $768 billion in 2021, according to the World Bank. WorldRemit has raised more than $400 million in 11 funding rounds since 2011 according to Crunchbase, a website that tracks investments in private companies. Keynote investors include venture capital firms TCV, Accel and Leapfrog Investments.
Alipay recently partnered with micro-mobility firm Helbiz to enable payments on scooters and similar devices for short trips in Italy. The Helbiz-Alipay partnership will focus on the European Football Championship which will begin June 12 in Rome and the Lunar New Year this month.