LONDON, Aug. 20,
2024 /CNW/ -- TerraPay, a global money movement
company, announced a collaboration with 5 of the leading wallet
operators to establish the "Wallet Interoperability Council",
aiming to leverage TerraPay's technology to facilitate
interconnection and interoperability in cross-border
transactions.
Together, these operators serve millions of wallet users,
spanning regions such as Bangladesh, Colombia, Kenya, Senegal, Tanzania and Uganda. The founding members of this council
include Airtel, bKash, MPESA, Nequi, and Sama Money.
The council aims to facilitate merchant payments, international
remittances, and other use cases in cross-border transactions
interconnecting their diverse platforms, advancing global wallet
interoperability. While wallets have predominantly served as local
payment solutions, there is a clear demand for expansion into the
global arena and TerraPay technology aim to facilitate this
expansion.
"This initiative is a significant and timely development
- and Safaricom is excited to
be a part of the Wallet Interoperability Council. This
collaborative effort with TerraPay, is pioneering interoperability
for global wallet payments and will
accelerate our efforts in driving more value for our users for
international money movement,"
said Esther Masese Waititu,
Chief Financial Services Officer, Safaricom PLC.
This open collaboration will bring together the expertise and
resources to develop the conditions that ensures secure, efficient,
and cost-effective cross-border wallet transactions for payments
and money movement. TerraPay enables this initiative, providing
both the technology infrastructure and handling clearing and
settlement processes.
María del Pilar, Chief Product Officer at
Nequi said, "Collaborating among us, and with
TerraPay is a strategic move that will accelerate the adoption of
digital wallets and financial platforms globally and enhance the
overall cross-border payment experience. This is a team effort
where we share and complement each other's capabilities."
"We are excited to be part of this effort and look forward to
delivering tangible benefits to our customers and our shareholders.
Until now the only option to enable our users to use their wallet
internationally was to secure bilateral agreements, but we can't sign 100s of them
efficiently, and that's where this
alliance brings value to all the participants," said Ian Ferrao CEO Airtel
Money.
Multiple studies show that by 2028, there will be more than 7
billion wallets processing around $16
trillion in volume. Multi-rail wallets are gaining
leadership and prominence in ecommerce and face to face
environments with cross-border payments playing a pivotal role in
wallet expansion.
Ali Ahmmed, Chief Commercial Officer at bKash,
said, "This collaboration will
bring the best of our capabilities together and leverage each
other's reach & coverage to enhance our own consumer's
experience, while keeping independency, and adding significant
utility to our wallet consumers for cross border merchant payments.
We believe that all participants will win with this council;
however, our wallet consumers would be the real winner."
"This initiative addresses real market challenges and has the
potential to reshape perceptions around wallet usage for cross
border commerce; thus, enabling easy access for interoperability
within the council's wallet participants globally. This is very
exciting, and we look forward to driving this ahead," said Sekou Kane Diallo, Deputy CEO and IT
Manager, Sama
Money.
This council is a first step to capitalize on these trends,
offering needed interoperability and enhancing the user experience
for millions of wallet users.
"TerraPay, connects today more than 100 digital wallets and we
have been developing the technology to support interoperability
since our inception, we recognize the immense potential of digital
wallets in the global payment ecosystem. The formation of this
council marks a significant milestone in our mission to provide
innovative and inclusive financial solutions, collectively we will
empower millions of individuals to participate in the global
economy," said Ambar Sur, CEO of TerraPay. "We have a huge
respect and admiration for our founding partners, and we are
committed to driving the next wave of wallet evolution, bringing
the local user experience to the global scale."
For more information, please contact: Juveria Samrin, juveria.n@terrapay.com
About TerraPay
TerraPay simplifies the movement of money everywhere –
providing a single connection to the most expansive cross-border
payments network regulated in 30+ global markets and enabling
payments to 140+ receive countries, 210+ send countries,
7.5Bn+ bank accounts and 2.1Bn+ mobile
wallets. TerraPay is on a mission to connect a borderless
financial world, making moving money everywhere instant,
reliable, transparent and fully
compliant. TerraPay pushes the boundaries for global
businesses – ranging from banks, fintech and
money-transfer operators to travel businesses, creator economy
platforms and e-commerce marketplaces – while driving financial
inclusion in even the most inaccessible markets. Founded in
2014, TerraPay is headquartered in London, with global offices in Bangalore,
Dubai, Miami, Bogota, Dar es Salaam, Kampala, Hague, Dakar,
Joburg, Nairobi, Milan, Singapore and is expanding rapidly, having
received funding from leading investors, including the IFC (the
World Bank), Prime Ventures, Partech Africa and
Visa.
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SOURCE TerraPay