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Russia’s Sberbank launches mobile money transfers to China

MOSCOW : Russia’s largest lender Sberbank on Tuesday stated it had launched money transfers to Alipay wallets in China utilizing cellphone numbers.

State-controlled Sberbank, which has clients in 18 nations, launched the service along with Western Union. For a switch price of 1per cent, clients can credit score an Alipay account in Chinese yuan with simply the recipient’s full title and cellphone quantity.

“We have added one more country to the geography of Sber’s cross-border transfers today. I am certain that remittances to China will be sought after among our clients,” stated Leonid Shnyr, Sberbank’s director of funds and transfers.

Inter-bank transfers utilizing a mobile quantity are widespread in Russia. Sberbank now affords cross-border transfers in additional than 30 nations. Other Russian banks, equivalent to online-only Tinkoff additionally supply related companies.

Alipay is a part of Alibaba Group.

(Reporting by Alexander Marrow; Editing by Alexandra Hudson)

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