CIBC and Simplii Financial have teamed up to launch real-time payments to Alipay mobile wallets. The enhancement to the global money transfer platform is made available through a collaboration with Citibank and Alipay.
Clients can now make transfers directly from their Simplii or CIBC bank accounts to any of the 1.3 billion Alipay mobile wallets with no transfer fees, in real time. It’s the latest development from CIBC’s Direct Financial Services business.
“We want to make sending money to friends and family abroad as fast, safe, and easy as it is
domestically,” says Jimmy Dinh, Managing Director, Direct Financial Services, CIBC Capital Markets. “Together, Simplii and CIBC are breaking down the barriers that can make remittances a costly waiting game.”
The Alipay collaboration does not include transfer fees nor deductions and offers real-time payment processing. You get bank-level security without the need to sign up for any additional services nor visit any third-party websites. All you need is a name, address, and Alipay credentials. Transfers can be made for up to $8,000 and you can get up to $100 in cash back on the first transfer.
According to the banks,on a per capita basis, Canadians send nearly twice as much money abroad as their U.S. counterparts, and nearly quadruple that of their European counterparts. It’s expected that this figure will also increase as Canada welcomes more newcomers in the coming years.
“Our clients will appreciate the convenience and savings of having this service offered by their bank,” adds Dinh. “With 90 per cent of China’s population on Alipay, we know that this collaboration will demonstrate to prospective clients that we’re well positioned to meet their needs.”
Operated by Ant Financial Services Group, Alipay is a mobile and online payment platform launched in 2004. It can be used to do everything from hail a taxi to book a hotel, buy movie tickets, pay utility bills, make appointments with doctors, and purchase wealth management products directly from within the app. In addition to online payments, Alipay is expanding to
in-store offline payments both inside and outside of China. Over 40 million brick-and-mortar merchants now accept Alipay across China. Alipay’s in-store payment service covers over 40 countries and regions across the world, and tax reimbursement via Alipay is supported in 29 countries and regions.
Alipay works with over 250 overseas financial institutions and payment solution providers to enable cross-border payments for Chinese travelling overseas and overseas customers who purchase products from Chinese e-commerce sites. Alipay currently supports 27 currencies.