Ria Money Transfer partners with Tenpay Global, enabling digital remittances to Weixin for flexible spending in China

Rhea-AI Summary

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.

Positive

• 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

Negative

• None.

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$50 billion in 2023, according to the World Bank. This partnership enables Ria to tap into the large Weixin and WeChat user base, contributing to Ria’s mobile network reach of 3.1 billion wallet accounts worldwide. With Ria’s physical presence of more than 595,000 locations in nearly 200 countries and territories, Weixin Pay users in China can now receive remittances from almost anywhere across the globe and enjoy flexible spending such as transfers, top-ups and shopping.

“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?

According to the World Bank, China's remittance inflows reached US$50 billion in 2023, making it one of the top three remittance-receiving countries globally.

How many physical locations does EEFT's Ria Money Transfer have globally?

Ria Money Transfer operates more than 595,000 locations across nearly 200 countries and territories.

What is the total wallet account reach for EEFT's Ria Money Transfer after the Tenpay partnership?

Ria's mobile network reach extends to 3.1 billion wallet accounts worldwide.

What services can Weixin Pay users access through EEFT's Ria Money Transfer partnership?

Weixin Pay users in China can receive remittances for flexible spending, including transfers, top-ups, and shopping through their Wallet Balance or linked bank accounts.