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Thunes, a global cross-border payments network, has announced a significant partnership with Hyperwallet, a PayPal service specializing in global payouts, to enhance cross-border payment capabilities for merchants operating in the Asia-Pacific (APAC) region.
The partnership will enable Hyperwallet customers to facilitate real-time payouts to over 450 million mobile wallets and bank accounts across key APAC markets, including Bangladesh, Indonesia, Malaysia, the Philippines, South Korea, and Vietnam, Thunes said in a statement on Wednesday.
This collaboration is particularly significant given APAC's dominance in the global digital wallet market, accounting for nearly 70% of global digital wallet spending according to a 2024 Deloitte report.
This move addresses the complex and diverse payments landscape of the APAC region. Consumer preferences vary significantly across different countries, influenced by factors such as banking penetration, the availability of real-time payment systems, and the prevalence of digital wallets. In Southeast Asia, for instance, digital wallet adoption rates have surpassed 30% in countries like the Philippines and Indonesia, as highlighted in Thunes' recent report, "From Cash to QR Codes: Unpacking Southeast Asia's Diverse Payments Culture." This shift towards digital payments is reshaping the financial landscape of the region, creating a growing demand for seamless and accessible cross-border payment solutions, the report said.
By joining Thunes' Direct Global Network, Hyperwallet gains access to an extensive network connecting to over 7 billion bank accounts and mobile wallets globally. This expanded network, combined with Thunes' SmartX Treasury System and Fortress Compliance Platform, provides Hyperwallet with the infrastructure and security needed to enhance its cross-border payment services in these rapidly growing markets.
This is particularly relevant for Hyperwallet's client base, which includes major ride-hailing apps, online marketplaces, and social media platforms operating in the region. These platforms often need to make frequent payouts to a large number of individuals across different countries, making efficient and reliable cross-border payment solutions crucial for their operations.
"Welcoming PayPal's Hyperwallet into our Direct Global Network underscores our ability to provide powerful new capabilities to top-tier fintechs… Thunes is uniquely positioned to support Hyperwallet to increase its reach in fast growing geographies to enhance its cross-border payment services," Floris de Kort, CEO of Thunes, said.
