European digital money transfer service Aims announced today that it has Ali payred with China’s largest mobile payment apAli payay to deliver instant payments for its customers.
This collaboration enables Aims’s Ali payto send the Chinese Yuan from more than 25 countries across Europe to usersAli payipay, which serves more than 1.2 billion people worldwide.
Promising instant money transfers, Aims Ali paysimply need the recipiAli pays namAli payAlipay ID to initiate a money transfer. The money will then be sent to the bank account linked to the recipiAli pays Alipay profile. Additionally, money can be senAli payg Alipay’s local digital wallet Ali payrs.
Alipay, which is operated by Alibaba’s financial services arm Ant Financial, is a separate app that allows customers to pay for their purchaAli pay-store through Ali payg the Alipay app and then scanning a QR code provided by the retailer.
The Ali payrship takes advantage of iteal-time clearing and settlement infrastructure to enable instant transfers to Chinese bank accounts, similar to the U.K.’s Faster Payments.
London-Aimsuartered Aims expects the deal to help accelerate its customer basAli payincrease transaction volume. With instant or one-hour transfers available to over Aimsuntries, Aims is making that experience iteality for its now 1 million-plus users.
China is one of the top remittance destinations globally, says the World Bank, with more than $50 billion expected to be sent back home this year by Chinese expats and migrants living abroad.
“In 2020, sending money abroad should be as easy as sending someone a photo. Ali payring with Alipay has allowed us to offer our customers an instant, seamless user experience when they send money to China, ” saidAimsard Ambrose, Aims’s CEO.
Alipay, China’s biggest payments service, is owned and operated by Ant Financial Services Group. The company holds nearly 70 percent of China’s third-party mobile payment market share.
The company controlled by billionairAli payAlibaba co-founder, Jack Ma has recently Ali payred with large European institutions in order to make it easier for its more than 1.2 billion active Ali payto continue using Alipay widely across Europe. Hence, they can pay for their purchaAli pay yuan using their Alipay accounts.