TerraPay Unites With Digital Wallet Giants To Accelerate Cross-Border Payments

Payment network TerraPay has created a ‘Wallet Interoperability Council’ with five top payment firms to support collaboration in cross-border transactions

The council’s founding members are Airtel, Sama Money, bKash, Nequi, and MPESA. These companies cater to many wallet users across countries like Uganda, Tanzania, Senegal, Kenya, Colombia, and Bangladesh.

The Council Plans To Assist With Cross-Border Money Transfers

The council plans to support international money transfers, merchant payments, and other cross-border activities by connecting their different domestic platforms.

The Chief Financial Services Officer of Safaricom, Esther Masese Waititu, stated that this plan is important and comes at the right time. She added that by working together with TerraPay, the firm is leading the way in connecting international wallet payments and will help the team bring more value to users for sending money across borders.

As part of the plan, TerraPay will offer the technology and manage the clearing and settlement procedures for wallet transactions.

The Chief Executive Officer of Airtel Money, Ian Ferrao noted that so far, the only way its users can use their wallet abroad is through bilateral deals. He added that signing hundreds of them isn’t practical, and that’s where this partnership benefits everyone involved.

According to reports from multiple sources, there will be more than 7 billion wallets managing about $16 trillion in transactions by 2028. The ability to handle cross-border transactions is a key factor in increasing the volume and making wallet systems more useful for users.

The Chief Executive Officer of TerraPay, Ambar Sur also gave his opinion about the partnership. He said TerraPay links over 100 digital wallets and since it was launched, the firm has been creating the technology to aid interoperability. He added that forming this council will help the firm reach its goal to lead the next phase of wallet development.

The Initiative Will Make It Easier For Wallet Users In The Council To Connect Globally

The Chief Commercial Officer of bKash, Ali Ahmmed, made a statement about the collaboration. He said the alliance will combine all the abilities of the companies to improve the client’s experience while staying independent. He added that the partnership will also provide great benefits to the wallet users for making payments across borders.

The Deputy Chief Executive Officer and IT Manager of Sama Money, Sekou Kane Diallo, noted that this project will fix the problems in the real market. He added that it also has the potential to change how people view using wallets for international shopping. This will make it easier for wallet users in the council to connect around the world.