Sberbank Launched Mobile Remittances To China – Cryptovibes.com – Daily Cryptocurrency and FX News
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Russian banks seem to be looking for new market frontiers in China as they race to increase their user base and boost their profits and investments in the wake of the COVID-19 pandemic. In that context, the Russian state lender Sberbank has now rolled out a service that will enable its clients to send money to Alipay wallets in China using phone numbers.
To execute a successful transfer, clients need to indicate the phone number and full name of the recipient in Sberbank Online. Thanks to a massive deal with Western Union, the money will be automatically credited to the Alipay wallet in Chinese yuan with a one percent fee charged for every transaction.
The director of payments and transfers at Sberbank, Leonid Shnyr, said:
“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.”
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