Thunes enables users to send payments to Weixin‘s 1.3 billion users in China thanks to the cross-border payment network’s newfound partnership with Tencent Financial Technology.
Tencent Financial Technology, the fintech arm of the Chinese conglomerate Tencent, has become the first payment infrastructure partner to connect with the network.
This coming together of Thunes and Tencent is bridging the gap between the network and Weixin users.
The collaboration is allowing members of Thunes’ network to send international payments to Weixin users in addition to accessing the Chinese market.
Weixin, along with its international version WeChat, facilitates one of the most widely adopted payment methods in China. This includes Weixin Pay, which engages close to 1.3 billion users in the country’s mainland.
The partnership’s engaging parties hope that the capability to send money to Weixin users will cultivate additional revenue opportunities for the wider economy.
These opportunities might include a Chinese engineer in East Africa looking to send money to family back home, or young professionals working in the US wanting to transfer money to their parents in China.
Thunes’ partnership with Tencent will make it quicker and simpler to make payments from around the world.
Describing China as “a global leader in digital payments and payment innovation,” Daphne Huang, Thunes’ SVP for APAC, recognises mobile payments’ forefront role in the country’s digital evolution.
“We’re excited to bring the ability to connect our global customers with Weixin’s massive consumer base,” confirms Huang.
She hopes that this will create tremendous opportunities for service enhancement and revenue generation “for all members in our ecosystem.”
Adding to these thoughts, Wenhui Yang, general manager of Tencent Financial Technology APAC, ensures that Thunes’ new partner is “always looking for better ways to serve our users.”
“This move boosts the seamless payment experience, and we strive to make cross-border remittance as easy as sending a message,” he continues.
The news follows Thunes’ announcement of plans to ramp up partnerships and accelerate its expansion earlier this year.
Thunes’ clients are expectant that its most recent collaboration will establish new product innovation and service enhancement possibilities while taking steps closer to a future where payments are borderless.