TerraPay has formed a new initiative to enhance how
wallets interact globally. Dubbed the “Wallet Interoperability
Council,” this collaboration brings together five digital wallet operators
to make international money transfers more accessible globally.
Global Wallet Interoperability
The Wallet Interoperability Council, spearheaded by
TerraPay, includes key players like Airtel, bKash, MPESA, Nequi, and Sama
Money. These operators serve vast regions, including Bangladesh, Colombia,
Kenya, Senegal, Tanzania, and Uganda.
According to the London-headquartered firm, the
council’s goal is to advance global wallet interoperability, enabling merchant payments, international remittances, and other cross-border
transactions by connecting diverse platforms. Traditionally, digital wallets have operated primarily
within local markets. However, the demand for global payment solutions has been
growing rapidly.
Speaking about the initiative, TerraPay’s CEO, Ambar
Sur, said: “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.”
By leveraging TerraPay’s technology, the council aims
to break down these regional barriers and facilitate secure, efficient, and
cost-effective cross-border transactions. Through the new partnership, the companies also aim to accelerate the adoption of digital wallets and financial platforms globally.
The Future of Digital Wallets in a Global Market
The global market for digital wallets is expected to
grow exponentially, with projections indicating that by 2028, over 7 billion
wallets will process around $16 trillion in volume. Thus, multi-rail wallets are increasingly gaining
prominence in both e-commerce and face-to-face transactions, with cross-border
payments playing a crucial role in this expansion.
TerraPay teamed up with Worldwide Cash Express a few months
ago to enhance money transfer services. The two companies mentioned that the
partnership aims to expand customers’ cross-border payments by making them
faster, more secure, and more cost-effective.
Specifically, the agreement enables Worldwide Cash Express
to use TerraPay’s technology to enrich its global payment network and offer
various cross-border payment services. Worldwide Cash Express is a subsidiary
of Al Ansari Financial Services PJSC, an international money transfer company
with a network of over 150,000 payout locations across 100 countries.
This article was written by Jared Kirui at www.financemagnates.com.
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