Transfast, the cross-border p2p money transfer provider, has announced today its expansion into China. Customers can now use the company’s mobile and online money transfer service.
Using smartphones or computers, customers can now transfer money accounts at China’s biggest banks, with delivery being complete within 24 hours. The banks include ICBC Bank, China Construction Bank Corp., Agricultural Bank of China Ltd. and Bank of China Ltd.
The company says that, in the past year, money transfers from North America to China totalled $16 billion and that figure is expected to grow.
Transfast is a company in a list of many that are eyeing up the Chinese payments market. In recent times the country has become more accepting of foreign companies in a bid to stimulate healthy competition. From 1st June the country said it will regulate their bankcard transaction market to external companies. This announcement meant that the likes of Visa and MasterCard could apply for a licence to handle transactions in the market.
Payment terminal companies such as Ingenico are also seeking to strategically expand into China in order to capitalise on the country’s payments industry growth potential.
“There’s a huge need for transfers to China. Transfast is pleased to be introducing direct credit to bank accounts in China within 24 hours,” commented Samish Kumar, CEO of Transfast.
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