KoronaPay partners with Alipay to add China to remittance network

KoronaPay, the online money transfer service with over 13 million users worldwide, has today launched a remittance service from Europe to China through Alipay and its banking partners across the country. The remittance service will allow KoronaPay users in Europe to send secure, low cost money transfers in real time that are instantly credited to the recipient's bank account in China.

KoronaPay, the largest money transfer service across Russia and the CIS region, is now focused on targeting growth in Europe. The new partnership with Alipay will allow anyone in Europe to make remittances to friends and family in mainland China, either using its mobile app or with cash via KoronaPay’s extensive network of high street agents. Those sending funds will simply require the recipient’s full name and Alipay ID. The amount is then instantly deposited in Chinese Yuan to the relevant Alipay-linked Chinese bank account.

The overall number for the Chinese diaspora in Europe is estimated to be around 2.5 million people according to the Europe China Research and Advice Network (ECRAN). Historically, most of them are in the UK, France, Germany, and Italy with Portugal, Spain, Greece, and Hungary also having joined the list since 2013. KoronaPay estimates the potential volume of the remittance corridor from Europe to China to be worth up to $5bn a year.

According to the World Bank data, in 2020 China was the second-largest remittance recipient in the world after India, with $59.5 bn flowing into the country from abroad including from the European region. KoronaPay will target this market using Google Universal App Campaigns (UAC), Google AdWords, referral programs and spot campaigns aimed at the community.

Gleb Kozlov, KoronaPay’s CEO, says: “KoronaPay’s goal is to facilitate international remittances for all European migrant communities, including the Chinese expats residing in Europe. As the world’s largest market, China is one of the priority recipient destinations for us. Therefore, we are happy to be launching this collaboration with Alipay and look forward to becoming the preferred remittance provider for the Chinese community in Europe.”

The partnership has now launched and will be running in all of the countries in Europe in which KoronaPay operates by the end of the first half of 2022, allowing for process optimisation, including technical, interface, and compliance aspects, on both sending and receiving legs