The use of e-wallets for cross-border payments has seen a boost in recent weeks, thanks to a number of key partnerships between e-wallet companies and payment providers.
Last week, Asian fintech Moolahgo partnered with Checkout.com to enable its e-wallet users to make cross-border money transfers to over 3 billion Visa cards globally. The ‘Pay Now to Card’ service allows its wallet users to send money directly to credit or debit Visa card holders, and includes a partnership with Checkout.com that allows the encrypted storage of the receiver’s card number in the Moolahgo app. The partnership gives the e-wallet provider a connection to one of the largest card markets in the world, with a network spread across more than 200 countries and a fast-growing market – Visa saw international transaction revenues grow 48% in Q2 2022.
Meanwhile, Mastercard has also announced an e-wallet partnership in the same week, with African provider EziPay. This gives EziPay users in MENA, including businesses, the ability to pay global online merchants with their e-wallets via a virtual card. This service is notable as it provides card access for the unbanked, as unlike with traditional e-wallet payment systems, EziPay is available to customers without a bank account.
A number of recent partnerships also show confidence in the return of travel. This month Alipay+ partnered with Touch ’n Go, enabling the e-wallet’s 17 million wallet users to make payments with the platform while in Singapore.
Meanwhile, Singapore’s Hong Leong Finance launched a new multicurrency e-wallet, HLF FASTPAY, in May through a partnership with Nium. It is designed to provide SMEs and individuals with the ability to transfer funds in multiple currencies, and includes domestic and international remittances, currency exchange and Visa card payments.