TransferWise just announced a new payout feature they’ve launched for sending money to China. Say hello to payouts to Alipay ID.
Payout To Alipay ID
This new feature will greatly reduce the burden on customers who want to send money to China and could really help open up volume to CNY.
Check out the benefits:
- Alipay has been added as a new payout method for CNY
- Customers can now send from 17 currencies to a recipient’s AliPay ID in China which goes directly to the recipient’s bank account linked to their Alipay
- Instant payout so the recipient will see the money in their account in seconds
- Fast online money transfer
- No queuing at physical remittance outlets in China
- Cheaper than PayPal, Western Union, and banks with no hidden fees
Alipay has more than 800 million users in China. That’s an increased convenience compared to the current 200 million users with a UnionPay account which is the current payout method TransferWise supports.