TransferWise Teams With Alipay For Money Transfers In China

London-based FinTech unicorn TransferWise said on Tuesday (March 17) that it is partnering with Alibaba’s Alipay to power international money transfers in China. 

“We’re on a mission to make your life easier and save you money. With this partnership, you’ll be able to send CNY to Alipay users seamlessly or receive money faster and easier from TransferWise,” according to a statement by TransferWise.

The partnership gives TransferWise’s estimated 7 million customers the ability to transfer Chinese yuan from 17 currencies to Alipay’s 1.2 billion users across the globe. Money can also be sent using Alipay’s local digital wallet partners. 

“Your

Hosting Millennial And Gen Z Travelers With Digital Innovation

Consumers have always wanted to explore and see the world, but they have had a constant need for comfortable transportation as well as accommodations. However, the methods that explorers use to discover, reserve and pay for their lodging and transportation has evolved over time.

Travel services have to meet the unique payment needs of four different generations of guests, according to the latest PYMNTS Commerce Connected Playbook. Millennials, in one case, comprise 20 percent of travelers around the world, and they especially like mobile apps that make it more seamless to book and pay for travel.

From Domio to Splitty Travel, hospitality providers

Data Dive, Pushing Forward, Pushing Back: Visa, Apple And PayPal

With only 15 days left until the end of the year, the year-end push has officially begun. The last big pay or expansion of the year on the positive side; or one final fistfight out the door on the less than wholly positive side.

This week we saw a little bit of both. Visa, and more specifically Visa Direct, made two great pushes for outward expansion, while Apple is working to push both its new card and its new line of phones, possibly in reaction to its China slowdown. Then there was the pushback of the week, care of PayPal,

Top News In Payments: Bleak Outlook For Department Stores; SoftBank Parts With Startup Wag

In today’s top payments news, Moody’s predicts department stores will be “among the worst performers of retail” in 2020. Also, SoftBank sells back its 50 percent stake in Wag, and Visa direct partners with TransferWise to bring real-time push payments to a global level.

Moody’s Predicts Bleak Outlook For Department Stores

Moody’s and Goldman Sachs predict a weak outlook for department stores. Moody’s anticipates that department stores will be “among the worst performers of retail” in 2020, as consumers look to stores that offer better sales and discounts.

SoftBank Parts Ways With Dog-Walking Startup Wag

SoftBank is selling its 50

Visa Direct To Power TransferWise Real-Time Global P2P

Visa has added a new partner in its quest to simplify, digitize and drive costs down in the global remittances space with its real-time push payments platform Visa Direct.  Visa Direct has been used to process 2 billion transactions in 2019, a number it is looking to grow in 2020. Visa Direct was designed to make sending money “as easy as sending a text message,” as opposed to the status quo consumers and small businesses are stuck with around the world: manual, paper-based processes, high fees and a lot of opacity around the when of how of the money flow.

Xero Overhauls Payments For Faster Transactions

New Zealand’s cloud-based accounting firm Xero is overhauling payments to integrate with TransferWise, Stripe and GoCardless, Xero said in a press release Wednesday (Nov. 13).

The integration will make it easier and faster for small businesses in the U.K. to set up card and debit payments for customer invoices and bills.

The company announced the new relationships at Xerocon London 2019 with 3,000-plus accountants, bookkeepers and partners in attendance.

“Small businesses have to juggle many things to ensure success, but incoming and outgoing payments shouldn’t be one of them,” said Craig Walker, executive general manager of Payments and Billing Solutions

How Bank Debits Are Driving Subscription Commerce Growth

Recurring payments and commerce are taking the world by storm as businesses seek to expand their global operations, and consumers of all types get more comfortable with online subscriptions. However, significant challenges still exist that serve to slow the growth of subscription commerce — not the least of which is how to move money in the most efficient way possible.

That’s where innovation and disruption come in. PYMNTS recently caught up with Pranav Sood, vice president and general manager of International Expansion for U.K.-based recurring payment services provider GoCardless, to talk about what needs to happen to promote further growth —

TransferWise Reports 66 Pct. Profit Growth YOY

TransferWise, one of Europe’s top five FinTech startups, announced profits for the third fiscal year in a row, with revenue after taxes 66 percent higher than last fiscal year, CNBC reported on Wednesday (Sept. 18).

The London-based firm, backed by Peter Thiel’s Valar Ventures and Sir Richard Branson, said it recorded £179 million ($223 million) of revenue for the fiscal year ending March 2019, up from £117 ($146 million) the previous year. Net profit was £10.3 million pounds ($12.8 million).

The FinTech unicorn was valued at $3.5 billion during a May funding round. 

TransferWise has altered the cross-border remittance industry

Peter Thiel-Backed Unicorn TransferWise Posts Record Profits

TransferWise, one of Europe’s top five FinTech startups, announced profits for the third fiscal year in a row, with revenue after taxes 66 percent higher than last fiscal year, CNBC reported on Wednesday (Sept. 18).

The London-based firm, backed by Peter Thiel’s Valar Ventures and Sir Richard Branson, said it recorded £179 million ($223 million) of revenue for the fiscal year ending March 2019, up from £117 ($146 million) the previous year. Net profit was £10.3 million pounds ($12.8 million).

The FinTech unicorn was valued at $3.5 billion during a May funding round. 

TransferWise has altered the cross-border remittance industry

TransferWise Offers Fast International Transfers From Argentina

FinTech unicorn TransferWise is now offering its money transfer services in Argentina, letting users move money to and from over 60 countries, the company said on its website and in a press release on Thursday (Aug. 15).

Founded in London in 2011, TransferWise operates in Argentina in partnership with Nubi, a FinTech company associated with Banco Comafi.

Sending money to and from Argentina is typically complex, characterized by slow processes, less-than-optimal exchange rates and hidden fees. TransferWise, on the other hand, converts money at the mid-market exchange rate and pays the transfer using local pools of currencies in each country,

TransferWise Rolls Out Multicurrency Debit Card

In the United States, money transfer firm TransferWise has launched a Mastercard debit card along with an accompanying TransferWise Borderless multicurrency account. The card is said to work without balance limits in more than 40 currencies and its conversion fees are said to be in line with exchange rates that are current, VentureBeat reported.

CEO Kristo Käärmann said, according to the report, “Our goal is to offer bank details for every country in the world through one account — the world’s first global account — and we’re starting with five of the world’s top currencies. The 40-currency debit card completes

Earnings Season Fizzle Puts Kohl’s In The Spotlight

Earnings season is a time for reflection after reaction. For Kohl’s, which put up a poor showing in its latest results, and which gave the nod to a rocky roadmap of execution amid trade wars and brick-and-mortar challenges, the reaction was swift.

Investors dumped the stock by double digits, and now the reflection: Is Amazon enough?

The department store company said comp sales were off 3.4 percent in the first quarter, while analysts had seen that measure down 10 basis points. It was the worst showing of comp sales in several years, and the company brought its guidance far below the

Multibillion-Dollar B2B FinTech Firms Emerge From Investors’ Pockets

The B2B FinTech market flexed its muscles this week, with investments landing at alternative small business lending, payroll and Software-as-a-Service (SaaS). However, the big news includes the emergence of a new unicorn, as well as a B2B FinTech that — thanks to its latest funding — is now Europe’s most valuable FinTech. Plus, Salesforce announced a new fund to propel funding for the B2B space. The latest in B2B FinTech investments is below.

Lumi

Australian alternative small business lender Lumi announced $5.52 million in new funding this week, reports in Anthill said, following $21.72 million in funding late last year.

TransferWise Becomes Europe’s Most Valuable FinTech

TransferWise, the U.K. money transfer startup, has raised $292 million in a round of funding, giving it a valuation of $3.5 billion. To date, TransferWise has raised $689 million in venture funding.

Reuters, citing the company, reported the round was led by Lead Edge Capital, Lone Pine Capital, and Vitruvian Partners. Other participants included existing investors Baillie Gifford and Andreessen Horowitz. Reuters noted some of the investment was made by BlackRock funds as well.  Investors who took part in previous funding raising rounds include Sir Richard Branson, Valar Ventures and PayPal co-founder Max Levchin.

TransferWise has been able to garner

TransferWise Formally Rolls Out PayNow Payments; Klarna Unveils Open Banking Platform

Welcome to The Axis, your late look at payments news from around the world. Coverage includes the formal rollout of payments via PayNow with the U.K.’s TransferWise. In addition, European payment provider Klarna has unveiled an Open Banking Platform, and GM Cabs is offering to take payments via Alipay to help serve consumers in Australia.

TransferWise, a FinTech firm in the U.K., now formally allows payments via PayNow after experimenting with the service, The Business Times reported. Through TransferWise, users can scan a quick-response (QR) code or enter a unique entity number of a company. As it stands, the FinTech allows

TransferWise Reports $3.9B In Transaction Volume/Month

London-based money transfer firm TransferWise has revealed that has been profitable for the second year in a row.

One of Europe’s largest FinTech startups, TransferWise reported an annual post-tax net profit of £6.2 million ($8 million USD) for the fiscal year ending March 2018, according to CNBC. Its annual revenue nearly doubled to £117 million during the period, while operating profit came in at £9.5 million. Founded six years ago by Estonian entrepreneurs Taavet Hinrikus and Kristo Käärmann, TransferWise became profitable for the first time in March 2017.

“We’ve proven that FinTech can offer consumers an unbelievable experience at a low price,

Five At Five: Mastercard’s Freight Deal With Stargo

Welcome to Five at Five, your late look at some of the payments and commerce news you might have missed. Today’s stories include a look at Mastercard’s new commercial payments deal, and a fresh look at spending trends for augmented and virtual reality. A new, heavyweight group is looking at the moral and ethical implications of AI, while a new product launch highlights the issue of privacy and data security in connected vehicles. And there is a new financial services partnership in Europe.

Mastercard Partners with Stargo for Freight Payments Solution

With Mastercard’s commercial payment solutions and Stargo’s price optimization

TransferWise Teams Up With Groupe BPCE To Offer In-App Transfers

With a partnership between TransferWise and Groupe BPCE, customers of the European banking group will be able to use TransferWise’s international money transfer service directly through the company’s app. In addition, TransferWise will have access to the banking group’s 15 million retail clients, Reuters reported.

“TransferWise has a mission to make money move around the world as fast and as cheaply as email,” TransferWise co-founder and chief executive Kristo Käärmann said in a statement. “This partnership is a momentous step on that journey.”

The pairing marks the first time that a large banking group in Europe will offer TransferWise’s service directly

TransferWise Adds Batch Payment Capabilities For Corporates

Money transfer company TransferWise is adding batch payment support for payroll and corporate transactions.

Reports in Crowdfund Insider on Tuesday (May 8) said TransferWise has launched batch payments to facilitate up to 1,000 payroll and supplier payments at once. The solution can be used to pay workers, freelancers and vendors across borders with a single file.

The new solution comes as TransferWise noted that $1 billion has been deposited into its account service, reports added. Nearly a third of its U.S. volume comes from small businesses (SMBs), which pay an average fee of between 0.6 percent and 0.9 percent, the

Moneytis Aims To Bring Expedia Like Ease To Money Transfers

Moneytis, the FinTech startup, has created a platform to help consumers find the cheapest foreign exchange services and send money seamlessly, taking a page from travel aggregator websites like Booking.com and Expedia.

According to a news report in TechCrunch, Moneytis’ platform is straightforward, making it less complex for consumers. “I was an expat in China, and Etienne [Tatur] was in Europe. And I was shocked by hidden fees every time I wanted to send money,” Co-Founder and CFO Christophe Lassuyt said in an interview with TechCrunch. “That’s when we listed and compared all solutions out there. Friends quickly asked us

Today in Data: Mobile Payment News

Mobile devices have become the central conduit for most people’s lives in today’s high-tech world.

With most people carrying their smartphones at all times, it has become one of the better ways of both making purchases on the consumer side and reaching out to target audiences on the retailer side. As such, it seems as though there will be no end in sight for the forward movement of mobile payments.

Today’s news sees the potential of Samsung offering its Samsung Pay to devices outside its own offerings with TransferWise supporting Apple Pay and TGI Fridays joining the mobile order-ahead game.

TransferWise Will Support Apple Pay In The US, Other Countries

TransferWise, the FinTech that allows its users to send money internationally, will soon support Apple Pay.

According to a report in Reuters, which cited TransferWire, the payments company is supporting Apple Pay in an effort to make international money transfers simpler and more secure. TransferWise is enabling the payment service in the USA as well as other countries. In fact, it has been supporting Apple Pay in the U.K. since 2015, according to Reuters.

Users who own Apple devices will not need to input a payment card or personal bank account details into the TransferWise platform. Instead, they will

TransferWise Co-Founders Switch CEO Role

TransferWise, the U.K. FinTech startup, announced news on Tuesday (July 18) that the two co-founders have switch the CEO role.

According to a blog post from co-founder Taavet Hinrikus, Kristo Kaarmann, the other founder, is taking over as the CEO of the money transfer startup. Hinrikus said in the post that in order for TransferWise to have the biggest impact, it has to not only be financially successful but also sustainable.  

“What was an idea seven years ago is now a company that will do $100M+ in annual revenue. Next up $1B in revenue? In a few years,