The Remitsy Blog

Categories


Sign up for monthly newsletter


Recent Posts


The Remitsy Blog

Product

Making Micropayments to China with Remitsy

micropayments_blog4

Cross-border payments are hard enough for regular-size transactions, but when it comes to micropayments they can be downright impossible.

Micropayments are usually discussed in terms of accepting them from customers (e.g. for online content), but increasingly online businesses need to deliver small payments to their users. From our work with clients, this growing demand includes platforms working in spaces as diverse as affiliate marketing, video gaming, and influencer social marketing.

China’s Unique Market

China poses a unique challenge to cross-border micropayments due to the controlled nature of the local currency. But it also offers a number of unique opportunities not available elsewhere. For example, the prevalence of e-wallets, such as Alipay and Wechat, allows for fast and cheap domestic delivery of small payments to platform users.

Remitsy leverages these advantages thanks to our use of bitcoin technology to convert payments. We excel at small business payments – but for micropayments we totally knock the ball out of the park! Businesses holding US dollars (or any of our other supported currencies) can now deliver payments of any size to Alipay wallets (no WeChat yet) – converted at the mid-market rate and delivered in real-time via our API.

Getting Started

Keeping things as simple as possible, our micropayment service operates the same as our regular payments services, using our same standard public API.

If interested, to get started businesses should:

  1. Register a regular account at remitsy.com
  2. Check out our API documentation here
  3. Request a sandbox API key from api@remitsy.com

Our payment API has enabled business models that were practically impossible to successfully launch in China. If you have an interesting new business model that requires micropayments, make sure you get in touch with us at hello@remitsy.com or on the live chat below!

🚀🚀🚀

Neil WoodfineNeil Woodfine

You Wanted Payments from India to China? …You got it!

Remitsy now supports sending Indian rupees to China

Since starting Remitsy we’ve been focused on supporting clients from North America and Europe, but we’ve always had a large number of enquiries from Indian businesses wanting to make payments to China.

Cheapest way to send money to China from India. Converting Indian rupees to Chinese yuan, transfer money to china bank account

Payments from India to China have just got a whole lot better

Making payments to China from India can be tough, with small businesses usually forced to make payments in US dollars. This means each payment is hit with two exchange fees (INR  USD, USD CNY) and results in a pile of paperwork at both ends.

Well, we are happy to announce that from now on Remitsy allows Indian businesses to settle payments to China in rupees, with their business partners receiving Chinese yuan direct to their bank accounts.

We’re offering the service at our usual world-leading rates: converting INR to CNY at the real exchange rate (mid-market rate), plus a 1% fee. No fixed send or receive fees. And no surprises. There has probably never been a cheaper way of sending money to China from India.

Send money to China from India

Our payment process for Indian customers is slightly different from other send regions. See below for the steps required:

  1. Book your rate at remitsy.com
  2. Provide us with company verification documents (you’ll only need to do this once!)
  3. Wire INR to our local banking partner bank account
  4. Provide us with your wire reference number
  5. Remitsy deliver CNY to your supplier within 24 hours! 

If you’re a business in India and looking to make a payment, [get registered and check out our platform now]. We have 24/7 live (human!) English-language support to answer any questions you might have (I’m there too sometimes).

This is going to be a huge money & time-saver for the Indian small business community (and their Chinese business partners as well!).

Book payment to China on Remitsy

If you’d like to help us spread the word, we run an affiliate program [Remitsy Share]. For any businesses you introduce to us, we will share half of our fees with you. Worth inviting a friend or two!

We’re looking forward to expanding our service in India and expect this to be one of our most popular corridors. See you at Remitsy soon!



Neil WoodfineNeil Woodfine

Remitsy Mega-Update: What to Expect?

If you’ve been to remitsy.com recently you may have noticed things look a little different — we’ve just made a major upgrade of the site!

Before you head over to check out all the shiny new stuff, I’d recommend you read the following so that you know what to expect (for those short on time check out the summary of major changes at the bottom!).

Why the major update?

Since launching the Remitsy Beta site in December 2015, we’ve been rapidly onboarding all kinds of exciting businesses making payments to China. In addition to processing CNY payments for manufacturing and export, we’ve been pleasantly surprised by some of the other uses people have found for our product.

For example we’re now the no.1 choice for businesses making payments to China freelancers and remote workers. Our Mass Payout API (private beta) has also proved to be a big draw for online platforms looking to deliver payments quickly and cheaply to their users in China.

We’ve been taking on board all the feedback from these users and have been trying to update the site to better suit their specific needs as fast as we can. However, we gradually realised that we needed a more flexible platform that would allow us to add features and resolve bugs at a faster pace.

Remitsy mega update introduces payments to businesses or freelancers in China.

The all-new select recipient type screen

So while we’re keeping the same speedy, blockchain-based payment processing backend, we’ve moved to a completely new frontend setup*. Expect us now to move a lot faster on our user feedback — so keep the great comments coming! We have a number of cool ideas of our own in the pipeline too…sending money to China is going to get a whole lot easier!

*For the dev geeks out there: we switched from Ember () to Bootstrap ().

What to expect?

For now, some of the key changes you’ll be seeing on the new site:

  • We’ve added a dedicated option to pay to personal accounts in China.
  • A world-first Alipay payment option. Remitsy is now the cheapest and fastest way to deliver cross-border payments to Alipay wallets.
  • The order of information requested for a payment booking has been changed to make the process more intuitive.
  • We’ve added a lot more directions and tooltips to help new users navigate the interface.
    Send amount limits for paying businesses and individuals have been made clearer.
  • Users can now manually enter their recipient’s bank account information (we’d still recommend putting this on the invoice).
  • The login button is a lot easier to find!

We think you’ll like the new site and find it easier to use. But as with any change we’re expecting a lot of questions. We’ve bumped up our team’s support hours, so you’ll find someone available on our livechat 24/7 to deal with any problems you might have.

Thanks for sticking with us… time to go check out the new site!





Neil WoodfineNeil Woodfine