TerraPay, a global money movement company, has teamed up with five leading digital wallet operators to form a new Wallet Interoperability Council. The council aims to facilitate cross-border payments and money transfers, making global transactions easier and more accessible for millions of users.
The five participating wallet operators are Airtel, bKash, M-Pesa, Nequi, and Sama Money. Together, they serve millions of wallet users in Bangladesh, Colombia, Kenya, Senegal, Tanzania, and Uganda.
This collaboration will leverage TerraPay's technology to transform these local payment solutions into global ones. As members of the council, the operators will work together, along with TerraPay, to accelerate the adoption of digital wallets and financial platforms, enhance the cross-border payment experience, and retain their independence.
Ambar Sur, CEO of TerraPay, stated that the council marks a significant step towards providing innovative and inclusive financial solutions. He highlighted the potential to empower millions of people to participate in the global economy.
The focus of the initiative is to streamline cross-border transactions such as merchant payments and international remittances. TerraPay will provide the technological infrastructure and handle clearing and settlement processes.
The rise of digital wallets and peer-to-peer (P2P) offerings is reshaping the global remittance market. Reducing the cost of cross-border remittances can unlock new use cases for cross-border services, according to Ram Sundaram, Chief Operating Officer of TerraPay.
According to the PYMNTS Intelligence report "Digital Wallets Beyond Financial Transactions: A Global Perspective," transactions are the most common use of digital wallet technology. The report, based on a survey of over 12,000 consumers across the US, UK, Brazil, France, and Germany, found that 41% of consumers are likely to use digital wallets for financial transactions in the next year, and 40% are likely to use them for storing and accessing payment methods.
This collaboration between TerraPay and the five leading digital wallet operators is expected to significantly impact the global payment landscape, making cross-border payments more accessible and affordable for millions of people.
