In a significant development within the digital payments sector, WeChat Pay HK has announced a new partnership with the global payments network Thunes. This collaboration will enable the Hong Kong dollar-denominated e-wallet to offer its users real-time, affordable cross-border money transfers to billions of endpoints worldwide.
This integration directly addresses the growing demand in Hong Kong for faster and more cost-effective remittance solutions. By leveraging Thunes’ Direct Global Network, WeChat Pay HK users can now send money internationally in real time, with key corridors including Southeast Asia, Europe, and Australia.
This move deepens the existing technical relationship between Thunes and Tencent, the parent company of WeChat Pay HK. Thunes has served as a network partner for Tencent Financial Technology since 2022, facilitating inbound payments to mainland China. This new phase of collaboration now focuses on streamlining outbound payments from Hong Kong.
Market Demand Drives Innovation
This service expansion targets a clear and growing need. Recent data underscores the importance of transfer speed. A Thunes study indicates that 65% of expatriates prioritize transfer speed above all else when choosing a payment service. The market volume is also substantial; according to Statista, outbound remittances from Hong Kong are projected to reach USD 1.1 billion by the end of this year, with a steady growth trajectory forecasted.
A representative from Thunes highlighted the partnership’s benefits for users, stating it will “simplify the remittance process for millions” and ensure “simple and cost-effective cross-border transfers anytime.” For WeChat Pay HK, this alliance represents a strategic enhancement of its service portfolio, directly boosting its competitiveness and value proposition for users in Hong Kong who maintain financial connections abroad.
A Step in a Broader Trend
This partnership is a clear example of how leading payment platforms are leveraging specialized cross-border networks to rapidly scale their global offerings. By connecting to established infrastructure like Thunes, platforms can bypass the delays and cost structures of traditional banking, significantly improving the customer experience.
This move signals WeChat Pay HK’s continued commitment to evolving from a domestic spending tool into a comprehensive financial services platform for its users, capable of efficiently handling both local and international fund flows. In the meantime, please contact ACQRA if you need to open an account with WeChat Pay HK.