Mastercard partnered with Tencent’s TenPay Global to enable direct remittances to users of Weixin Pay, a leading payment service in China.
The collaboration integrates Mastercard Move, the company’s global money transfer network, with the extensive Weixin ecosystem. Weixin serves over 1.4 billion users. The service facilitates fast, secure cross-border payments from abroad directly into a recipient's Weixin Pay Wallet Balance or a linked bank card.
This move targets China's substantial remittance market, which recorded personal remittances of about $31.41 billion in 2024. Mastercard Move boasts a reach across more than 200 countries. The partnership offers greater convenience for individuals sending money to mainland China, broadening options for both senders and receivers.