WorldRemit expands transfer flexibility through Alipay

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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.

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