Thunes and UPI launch instant China payouts
Thunes and UPI have partnered to launch instant payout services for users in China. This service aims to streamline cross-border payments, making it faster for individuals and businesses to send and receive funds from China, thereby enhancing the overall efficiency of international remittances.
The collaboration leverages Thunes' global payment network along with UPI's extensive reach in the Indian market, targeting both expatriates and businesses involved in cross-border trade. This service is expected to open up new avenues for financial flows between these regions, fostering economic connectivity and growth.
Key takeaways
- ▸Thunes and UPI's partnership introduces instant payments for users in China.
- ▸The service targets expatriates and businesses engaged in cross-border trade.
- ▸This initiative could significantly improve the speed and cost-effectiveness of remittances to China.
Why this matters
The launch of instant payouts between Thunes and UPI signifies a notable advance in cross-border payment services, particularly for regions with high remittance flows like India and China. This could lead to increased competition among PSPs in the market, driving innovation and potentially lowering costs for consumers and businesses facilitating international payments.