Latest news with #TenpayGlobal
Yahoo
23-07-2025
- Business
- Yahoo
PayPal to launch cross-border platform with link to India's UPI payments system
MUMBAI (Reuters) -Payments firm PayPal has partnered with the operator of India's popular unified payments interface and others to launch a global platform through which consumers can make cross-border payments to businesses. The platform, PayPal World, will enable interoperability between local payment platforms and PayPal, the firm said in a statement on Wednesday. Its partners for the platform include National Payments Corporation of India - India's payments authority that operates UPI, Brazil's Mercado Pago, Tencent Holdings' Tenpay Global and Venmo. UPI dominates digital payments in India, accounting for about 85% of the total volume of retail digital payments, per regulatory data. "The integration of UPI on PayPal World's platform will mark a significant step in expanding UPI's global footprint," said Ritesh Shukla, managing director and CEO of NPCI International Payments Limited. India has been in talks with countries in Africa and South America to help them build a digital payments system using UPI as a blueprint. PayPal's platform is expected to go live later this year. The firm intends to add more partners going forward. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
23-07-2025
- Business
- Yahoo
PayPal taps wallets from China and India to make cross-border payments easier for 2 billion people
PayPal announced Wednesday it has partnered with global wallet companies to create a platform called PayPal World that is designed to make cross-border commerce easier. The platform will allow users to pay others using their local wallets and payment systems. The company said the launch partners include India's NPCI International Payments Limited, which operates mobile payments framework UPI (Unified Payment Interface), China's Tenpay Global (Tencent's Payment arm), which operates Weixin (WeChat) payment ecosystem in the country, along with PayPal and Venmo. The company has also signed an memorandum of understanding with Latin America's Mercado Pago, a fintech company that enables card and mobile payments, while the final details of the deals are being ironed out. With these partnerships, PayPal wants to cover more than two billion users across the world. 'PayPal World is a first-of-its-kind payments ecosystem that will bring together many of the world's largest payment systems and digital wallets on a single platform,' Alex Chriss, President and CEO of PayPal said in a statement. 'The challenge of moving money across borders is incredibly complex, and yet this platform will make it so simple for nearly two billion consumers and businesses. We believe the changes we are announcing today have the potential to be a real game changer over time.' The fintech company said that through PayPal World, PayPal and Venmo users will be able to send money to anyone in the world, even if they aren't a PayPal user. For instance, when they are traveling in China, they can use PayPal on the Wexin payment network to pay to local businesses. On the flip side, if a customer from India is buying from a site in the U.S., they can use PayPal to check out and pay through their UPI wallet. Total user base and transaction volume of these wallet systems are massive. For instance, Mercado Pago's total payment volume was $58.3 billion in the first quarter of 2025. In India, UPI transactions hit more than $238 billion just for the month of June, according to NPCI data. China's Tenpay is also working on creating a better remittance framework along with enabling cross-border peer-to-peer payments. 'We are glad that Tenpay Global, Tencent's cross-border payment platform, will support users of PayPal and Venmo in making payments by scanning Weixin Pay1 QR codes, further expanding access for global digital wallets to transact in the mainland of China. In addition to payments, Tenpay Global will deepen its collaboration with PayPal World in remittances,' Wenhui Yang, CEO of Tenpay Global, said. PayPal World is set to kick off the platform this fall with its launch partners. The company said that in 2026, Venmo users will be able to pay for shopping both online and offline for merchants that support PayPal's payments. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Bloomberg
23-07-2025
- Business
- Bloomberg
PayPal to Create Global Digital Wallet Platform With Tenpay, UPI
PayPal Holdings Inc. is launching a platform that will enable customers with domestic digital wallets to easily transact with businesses globally, as the payments giant seeks to capture a bigger chunk of the international market. The company's PayPal World platform will allow 'interoperability' between the local digital wallets and PayPal, according to a statement. Its initial partners on the platform include MercadoLibre 's Mercado Pago, National Payments Corporation of India 's UPI and Tencent Holdings ' Tenpay Global, meaning customers with those wallets will be able to send money internationally or shop overseas by clicking on the PayPal button without needing to set up a PayPal account from scratch.
Yahoo
09-04-2025
- Business
- Yahoo
PayPal's Xoom partners with Tenpay Global to offer cross-border remittances to Weixin
New collaboration enables convenient and secure remittances to Weixin Pay users in China SINGAPORE, April 9, 2025 /PRNewswire/ -- Starting today, Weixin Pay users can now receive cross-border transfers from Xoom, a PayPal service and a pioneer in digital remittances. This new partnership between Tenpay Global, Tencent's cross-border payment platform, and Xoom allows Weixin Pay users to receive money directly into their Weixin Pay Wallet Balance or bank accounts linked to Weixin Pay through Xoom or PayPal's mobile app and website. Xoom and PayPal users in United States, Canada and Europe can now access reliable and affordable cross-border money transfers to their own or family members' Weixin Pay accounts, with additional countries to come in the future. Weixin Pay users can receive the funds frictionlessly, typically in as fast as a few minutes, for flexible use within the Weixin app for transfers, top-ups and shopping. "Xoom has long been known as a fast, easy, inexpensive way to send money to friends and family across borders - and now, being able to send funds to Weixin Pay users from the US, Canada and Europe, we're continuing to connect users wherever they might be and for what they might need funds for," said Paul Bances, Vice President of Market Development for Xoom. "This partnership reaffirms Tenpay Global's commitment to not only bridging the Weixin ecosystem with the global markets but also enhancing user value through streamlined and secure cross-border remittances. By addressing everyday needs—from family support to daily expenses—we aim to create meaningful value in our users' lives beyond mere transactions," said Wenhui Yang, CEO of Tenpay Global (Singapore). The service is now live and available through the Xoom and PayPal mobile app. Users may also visit or to start the remittance experience. About Xoom A pioneer in digital remittances, Xoom is a fast and easy way to send money, pay bills and reload phones for friends and family in approximately 160 countries globally. With Xoom, customers can access a fast and reliable way to send money, by simply downloading the Xoom or PayPal mobile app, or visiting or 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. SOURCE Tenpay Global Sign in to access your portfolio
