Ria Money Transfer partners with Tenpay Global, enabling digital remittances to Weixin for flexible spending in China
Ria Money Transfer, a subsidiary of Euronet (NASDAQ: EEFT), has announced a strategic partnership with Tenpay Global, Tencent's cross-border payment platform. The collaboration enables users worldwide to send money from Ria's digital and physical channels directly to Weixin Pay wallets and linked bank accounts in China.
China, one of the top three remittance-receiving countries with inflows of US$50 billion in 2023, will now be accessible through Ria's network of over 595,000 locations across nearly 200 countries. This partnership expands Ria's mobile network reach to 3.1 billion wallet accounts globally, allowing Weixin Pay users in China to receive remittances for various purposes including transfers, top-ups, and shopping.
Ria Money Transfer, una controllata di Euronet (NASDAQ: EEFT), ha annunciato una partnership strategica con Tenpay Global, la piattaforma di pagamento transfrontaliera di Tencent. Questa collaborazione consente agli utenti di tutto il mondo di inviare denaro dai canali digitali e fisici di Ria direttamente ai portafogli Weixin Pay e ai conti bancari collegati in Cina.
La Cina, uno dei primi tre paesi riceventi rimesse con afflussi di 50 miliardi di dollari nel 2023, sarà ora accessibile attraverso la rete di Ria, che comprende oltre 595.000 località in quasi 200 paesi. Questa partnership amplia la portata della rete mobile di Ria a 3,1 miliardi di conti portafoglio a livello globale, permettendo agli utenti di Weixin Pay in Cina di ricevere rimesse per vari scopi, inclusi trasferimenti, ricariche e acquisti.
Ria Money Transfer, una subsidiaria de Euronet (NASDAQ: EEFT), ha anunciado una asociación estratégica con Tenpay Global, la plataforma de pagos transfronterizos de Tencent. La colaboración permite a los usuarios de todo el mundo enviar dinero desde los canales digitales y físicos de Ria directamente a las billeteras de Weixin Pay y a las cuentas bancarias vinculadas en China.
China, uno de los tres principales países receptores de remesas con entradas de 50 mil millones de dólares en 2023, ahora será accesible a través de la red de Ria, que cuenta con más de 595,000 ubicaciones en casi 200 países. Esta asociación amplía el alcance de la red móvil de Ria a 3.1 mil millones de cuentas de billetera a nivel mundial, permitiendo a los usuarios de Weixin Pay en China recibir remesas para diversos propósitos, incluidos transferencias, recargas y compras.
리아 머니 트랜스퍼는 유로넷 (NASDAQ: EEFT)의 자회사로서 텐페이 글로벌과 전략적 파트너십을 발표했습니다. 이 협력은 전 세계 사용자들이 리아의 디지털 및 물리적 채널을 통해 중국의 위쳇 페이 지갑과 연결된 은행 계좌로 직접 돈을 보낼 수 있게 합니다.
중국은 2023년 500억 달러의 송금 유입으로 송금을 받는 주요 3개 국가 중 하나이며, 이제 200개 국가에 걸쳐 595,000개 이상의 리아의 네트워크를 통해 접근할 수 있습니다. 이번 파트너십은 리아의 모바일 네트워크의 범위를 전 세계 31억 개의 지갑 계좌로 확대하여, 중국의 위쳇 페이 사용자들이 송금, 충전 및 쇼핑을 포함한 다양한 용도로 송금을 받을 수 있도록 합니다.
Ria Money Transfer, une filiale de Euronet (NASDAQ: EEFT), a annoncé un partenariat stratégique avec Tenpay Global, la plateforme de paiement transfrontalier de Tencent. Cette collaboration permet aux utilisateurs du monde entier d'envoyer de l'argent depuis les canaux numériques et physiques de Ria directement vers les portefeuilles Weixin Pay et les comptes bancaires associés en Chine.
La Chine, l'un des trois principaux pays récepteurs de transferts d'argent avec des entrées de 50 milliards de dollars en 2023, sera désormais accessible via le réseau de Ria, qui comprend plus de 595 000 emplacements dans près de 200 pays. Ce partenariat étend la portée du réseau mobile de Ria à 3,1 milliards de comptes de portefeuille dans le monde, permettant aux utilisateurs de Weixin Pay en Chine de recevoir des transferts pour divers usages, notamment des transferts, des recharges et des achats.
Ria Money Transfer, eine Tochtergesellschaft von Euronet (NASDAQ: EEFT), hat eine strategische Partnerschaft mit Tenpay Global, der grenzüberschreitenden Zahlungsplattform von Tencent, bekannt gegeben. Diese Zusammenarbeit ermöglicht es Nutzern weltweit, Geld von Rias digitalen und physischen Kanälen direkt an Weixin Pay-Wallets und verknüpfte Bankkonten in China zu senden.
China, eines der drei größten Empfängerländer von Geldsendungen mit Zuflüssen von 50 Milliarden US-Dollar im Jahr 2023, wird nun über Rias Netzwerk von über 595.000 Standorten in nahezu 200 Ländern zugänglich sein. Diese Partnerschaft erweitert die Reichweite von Rias mobilem Netzwerk auf 3,1 Milliarden Wallet-Konten weltweit und ermöglicht es Weixin Pay-Nutzern in China, Geldsendungen für verschiedene Zwecke, einschließlich Überweisungen, Aufladungen und Einkäufen, zu erhalten.
- Partnership enables access to China's US$50 billion remittance market
- Expands Ria's mobile network reach to 3.1 billion wallet accounts
- Leverages extensive network of 595,000+ physical locations in ~200 countries
- None.
Insights
This strategic partnership represents a significant expansion into the lucrative Chinese remittance market. With China's
The partnership's value proposition extends beyond mere market access. By enabling direct transfers to Weixin Pay wallets and linked bank accounts, Ria eliminates intermediary steps and reduces friction in the payment process. This operational efficiency could lead to higher margins and improved customer retention rates. The integration with Weixin's ecosystem, which offers diverse spending options, creates a sticky user experience that could generate sustained revenue streams.
For Euronet (EEFT), this deal could materially impact the money transfer segment's performance. The expansion of Ria's mobile network to 3.1 billion wallet accounts globally, combined with its 595,000 physical locations, creates a formidable omnichannel presence that could accelerate market share gains in the competitive cross-border payments space.
The technical architecture of this integration presents compelling competitive advantages. By embedding remittance capabilities directly into Weixin's ecosystem, Ria gains privileged access to China's sophisticated digital payments infrastructure. This native integration enables real-time settlement and enhanced security features that are important for cross-border transactions.
The technological synergy between Ria's global network and Tenpay's local infrastructure creates a seamless user experience that could drive rapid adoption. The flexibility to use funds for transfers, top-ups and shopping within the Weixin ecosystem reduces the likelihood of users seeking alternative remittance channels. This embedded finance approach positions Ria advantageously against traditional money transfer operators who lack such deep platform integration.
The strategic partnership between Ria Money Transfer and Tenpay Global amplifies the reach of cross-border payments between China and the rest of the world, boosting access to secure and convenient remittance services for millions of people worldwide.
BUENA PARK, Calif., Dec. 19, 2024 (GLOBE NEWSWIRE) -- Ria Money Transfer (Ria), a global leader in the cross-border money transfer industry and business segment of Euronet (NASDAQ: EEFT), and Tenpay Global, Tencent’s cross-border payment platform, announced a new partnership today. Users around the world are now able to send money from Ria’s digital and physical channels to their or their families’ Wallet Balance or linked bank accounts in Weixin Pay, a leading payment and digital wallet in China.
China remains one of the top three remittance-receiving countries globally, with remittance inflows reaching US
“At Ria, we are committed to harnessing technology and our powerful network to connect people and communities and help them thrive,” said Shawn Fielder, President and Chief Executive Officer of Ria Money Transfer. “Partnering with Tenpay Global combines both entities' strengths to redefine the mobile payment experience for millions of people, making it more convenient and accessible for all.”
“Our partnership with Ria is founded on a shared vision of delivering cross-border remittances that bridge distances and bring families and loved ones closer together,” said Royal Chen, Vice President of Tencent Financial Technology. “Leveraging our unique Weixin ecosystem, we provide innovative cross-border solutions with convenience and reliability, meeting the evolving needs of the users and making a meaningful impact on their lives. Together with our global partners, we are creating an open, diverse and inclusive borderless payment network.”
About Euronet
Starting in Central Europe in 1994 and growing to a global real-time digital and cash payments network with millions of touchpoints today, Euronet now moves money in all the ways consumers and businesses depend upon. This includes money transfers, credit/debit card processing, ATMs, POS services, branded payments, foreign currency exchange and more. With products and services in more than 200 countries and territories provided through its own brand and branded business segments, Euronet and its financial technologies and networks make participation in the global economy easier, faster and more secure for everyone.
A leading global financial technology solutions and payments provider, Euronet has developed an extensive global payments network that includes 55,292 installed ATMs, approximately 949,000 EFT POS terminals and a growing portfolio of outsourced debit and credit card services which are under management in 67 countries; card software solutions; a prepaid processing network of approximately 766,000 POS terminals at approximately 348,000 retailer locations in 64 countries; and a global money transfer network of approximately 595,000 locations serving 198 countries and territories. Euronet serves clients from its corporate headquarters in Leawood, Kansas, USA, and 67 worldwide offices. For more information, please visit the Company's website at www.euronetworldwide.com.
About Tenpay Global
Tenpay Global, the cross-border payment platform of Tencent, is the gateway to seamless cross-border payment solutions for businesses and individuals. Tenpay Global offers scenario-based services for different customer groups, including cross-border consumption, cross-border remittances, and cross-border commerce scenarios. Together with global partners, Tenpay Global is committed to bridging the world's payment networks with Weixin's ecosystem in China.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/0e989027-46e4-4f17-8267-411d9201ed40
FAQ
What is the value of China's remittance market that EEFT can now access through the Tenpay partnership?
How many physical locations does EEFT's Ria Money Transfer have globally?
What is the total wallet account reach for EEFT's Ria Money Transfer after the Tenpay partnership?
What services can Weixin Pay users access through EEFT's Ria Money Transfer partnership?
