Azimo Teams Up with Alipay for Faster Payments to China

European digital money transfer service Azimo announced today that it has partnered with China’s largest mobile payment app Alipay to deliver instant Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term for its customers.

This collaboration enables Azimo’s users to send the Chinese Yuan from more than 25 countries across Europe to users of Alipay, which serves more than 1.2 billion people worldwide.

Promising instant money transfers, Azimo users simply need the recipient’s name and Alipay ID to initiate a money transfer. The money will then be sent to the bank account linked to the recipient’s Alipay profile. Additionally, money can be sent using Alipay’s local Digital Wallet Digital Wallet A digital wallet is a popular mechanism referring to an electronic device, online service, or software program that allows one party to make electronic transactions with another party.This involves the bartering or exchange of digital currency, including cryptocurrency for goods and services. Money can be deposited in the digital wallet prior to any transaction, which also includes an individual's bank account that is linked to the digital wallet. A digital wallet can include more than just digi A digital wallet is a popular mechanism referring to an electronic device, online service, or software program that allows one party to make electronic transactions with another party.This involves the bartering or exchange of digital currency, including cryptocurrency for goods and services. Money can be deposited in the digital wallet prior to any transaction, which also includes an individual's bank account that is linked to the digital wallet. A digital wallet can include more than just digi Read this Term partners.

Alipay, which is operated by Alibaba’s financial services arm Ant Financial, is a separate app that allows customers to pay for their purchases in-store through opening the Alipay app and then scanning a QR code provided by the retailer.

The partnership takes advantage of a real-time clearing and settlement infrastructure to enable instant transfers to Chinese bank accounts, similar to the U.K.’s Faster Payments.

London-headquartered Azimo expects the deal to help accelerate its customer base and increase transaction volume. With instant or one-hour transfers available to over 80 countries, Azimo is making that experience a reality 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. Partnering with Alipay has allowed us to offer our customers an instant, seamless user experience when they send money to China,” said Richard Ambrose, Azimo’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 billionaire and Alibaba co-founder, Jack Ma has recently partnered with large European institutions in order to make it easier for its more than 1.2 billion active users to continue using Alipay widely across Europe. Hence, they can pay for their purchases in yuan using their Alipay accounts.