BigPay has added China to its international remittance service, a key community for the Malaysian market. Users will be able to send money using their recipient’s Alipay ID and full name.
After successfully launching remittance to Australia and Vietnam in June, this is the company’s latest move in offering a low-cost, transparent and accessible way of transferring money abroad. Financial inclusion is a cornerstone of BigPay’s strategy and opening up these new corridors plays a key role in further democratising the movement of money across the region.
Even with travel restrictions gradually easing up, frictionless and affordable money transfer remains critical as the regional economy recovers from the pandemic.
According to World Bank data, USD 345m is sent from Malaysia to China every year. With access to Alipay users in China, BigPay users will be able to transfer funds to an additional 900 million people.
BigPay launched its international remittance services in September 2019, and currently enables users to send money directly from Malaysia to bank accounts in Australia, Bangladesh, India, Indonesia, Nepal, Singapore, Thailand, the Philippines, and Vietnam with no hidden fees or extra charges.
Moving forward, BigPay’s remittance product will play a key role in its offering as it grows across Southeast Asia – with the plan to keep adding more corridors and reducing the cost to remit. With its fixed fee per corridor and competitive exchange rates, BigPay leverages technology to dramatically reduce the cost and complexity of sending money abroad for its users.
BigPay is pioneering digital remittance through its mobile application, offering a seamless experience with instant money transfers. Users can deposit funds into BigPay through their bank cards or via bank transfer.