- Western Union has partnered with Tencent to provide an international money transfer service in the Weixin app.
- More than one billion people who regularly use the Chinese social media app will now be able to take payments from loved ones abroad.
- The move is part of Western Union’s plans to expand further into China amid an increase in demand for digital payments.
Western Union has partnered with Tencent Financial Technology to create a online money transfer service in the Weixin app for Chinese consumers.
The Weixin app, rebranded as WeChat in Western countries, has more than one billion users in China, who will now be able to receive money from friends and family abroad.
Western Union has worked closely with Tencent and Shanghai Pudong Development Bank to provide international money transfer options via ‘Weihuikuan’.
Weihuikuan is a new mini-app integrated into Weixin to improve its payment facilities. This means that Chinese customers will be able to receive money from Weixin users abroad, with a maximum of $3,000 per transfer.
Weixin users only need to add relevant information and provide a Money Transfer Control Number (MTCN) to access the new facility. It will also enable them to deposit the digital transfers directly into their bank accounts.
The latest move is part of Western Union’s commitment to deliver fast, secure and convenient money transfers.
The firm also offers customers in China a wide choice of payment options in an app that is very popular across the country.
Western Union has been working hard to expand its services in China amid an increase in demand for digital payments and high-quality online experiences. Its close partnership with Tencent has helped it realize those ambitions at a time when there is significant investment in technology to support the Chinese economy.
This follows successful growth worldwide for Western Union, which now offers payment services in more than 130 countries.
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