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Rocket Remit launches money transfer to Alipay China

Rocket Remit launches money transfer to Alipay China

December 2021

mHITs (pronounced Em-HITS), the leading Australian FinTech mobile remittance pioneer, announces its Australian mobile remittance service Rocket Remit has expanded its mobile money transfer service to include Alipay China.

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For individuals needing to send money to family in China, they can now use Rocket Remit to transfer money directly into their Alipay account. So long that the recipient has set up their Alipay account to receive remittances, they should receive the money in seconds.

“Rocket Remit specialises in international money transfer via mobile money making it the world’s fastest and simplest way for sending money from Australia to emerging markets overseas” says mHITs CEO Harold Dimpel. “Money transfer is instantaneous with funds directly credited to the recipient’s mobile money account without requiring a transfer agent or bank. No other transfer method or payment technology including crypto currencies can achieve this level of transaction speed and convenience” he continues.

Rocket Remit requires only the mobile number of the recipient to address the payment. Recipients receive funds instantly and automatically receive an SMS notification as funds are immediately credited to their mobile money account in their local currency. The recipient can access the funds instantly and securely from their mobile money account directly or depending upon their region, may also withdraw funds in cash via an agent or ATM.

Known also as digital remittance, mobile money transfer also offers the lowest cost method for sending money to emerging markets where economies rely on money sent from relatives and friends working overseas.

For more information on the Rocket Remit service visit www.rocketremit.com.

about mobile international remittance

Remittance is the hidden force in global economics with over US$640 billion sent globally per year. By comparison, global foreign aid is approximately US$135 billion (approximately one fifth).

Banks and money transfer operators have traditionally dominated international remittance with the majority of funds sent to developing countries. However, with the introduction of mobile phone technology and the introduction of mobile money systems in these same markets, a new alternative now exists for funds to be sent directly to a recipient via a mobile money system using their mobile number as an account number. Mobile money is simpler, more secure, more efficient, provides instantaneous transfer of funds, and because the transaction is independent of the banking system, is less than half the cost of traditional money transfer.

Mobile money systems also for the first time provide the ability for funds to be sent to regions of the world where previously money transfer was impossible because of the absence of banks or money transfer operators. Mobile technology significantly lowers the cost of remittances as it removes the need for physical points of presence. The World Bank estimates that reducing remittance commission charges by 2-5% could increase the flow of formal remittances by 50-70%. The mHITs Rocket Remit mobile remittance service is helping to achieve this goal. Reducing the cost of sending each individual remittance encourages the delivery of lower value remittances, at values far less than today’s average transfer of US$200. Lower sending costs also encourage use of mobile remittance over unregulated informal remittance services. The GSMA forecasts that the formal global remittance market could increase to over US$1 trillion in five years with the help of mobile communications.

For more information visit www.gsma.com.

about Alipay

Alipay is a third-party mobile and online payment platform, established in Hangzhou, China in February 2004 by Alibaba Group and its founder Jack Ma.

Alipay is the most popular e-Wallet service in Asia with over 1 billion account holders. In China, millions of transactions are processed using Alipay each day. Customers use Alipay’s digital wallet on their smartphone to quickly and conveniently make payments in-store, online, and by money transfer.

The Alipay e-wallet app is not a credit card service rather it allows users to save their debit or credit card details to the app and then use their mobile phone to make payments, instead of cash or a bank card. A credit or debit card is used to load funds into the Alipay account.

For more information visit www.alipay.com