Both companies will work together to drive real-time digital remittances, interoperability, financial inclusion and drive adoption of cashless payments.
TerraPay, a global payments infrastructure company and Visa, the world’s leader in digital payments, have today announced a strategic partnership that aims to develop and deliver payment solutions to drive financial inclusion and cashless transactions for domestic payments in Kenya and global remittances to Kenya.
The partnership comes at a time when according to the Central Bank of Kenya, remittances to Kenya have seen a steady drop from the beginning of the calendar year, occasioned by the declaration of the global COVID-19 pandemic. “We at TerraPay view the Visa partnership as a next step towards the development of sustainable and scalable interoperable services for our Partners and their consumers’ payment requirements” said Ambar Sur, Founder and CEO of TerraPay.
The TerraPay and Visa global partnership is aimed to develop and deliver solutions to drive repeat consumption of the mobile wallets and digital currency for digital payments and remittances.
TerraPay has established itself as a global partner to leading Money Transfer Operators, Mobile Wallet Operators, and Financial Institutions to facilitate digital transactions without borders. “We want our partners to remain focused on their customers’ payment needs and we assist them technologically to deliver payment solutions in an agile, reliable, and secure method to fulfill their customer needs” said Ambar Sur, Founder and CEO of TerraPay.
Global m/e-commerce continues to evolve and is expected to reach $4,574 Billion by 2023 according to Allied Market Research*, up from $601 billion in 2016. Interoperability with payment methods and seamless consumer journey to conclude the transactions will be key focus to drive consumption.
The partnership is part of Visa’s global strategy to open up Visa’s network and support a broad range of players that are developing new commerce experiences, and transitioning to digital channels.
“Partnerships are fundamental to Visa’s business model and we look forward to collaborating with TerraPay to drive seamless and interoperable financial services and products to push much desired financial inclusion in our communities,,” said Otto Williams, Vice President and Head of Strategic Partnerships, Fintechs and Ventures in CEMEA at Visa. “Interoperability is key to a digitally connected payments ecosystem and we are excited that TerraPay is part of our growing Fintech Fast Track program as we work together to connect more communities with these solutions.”
TerraPay is a licensed digital payments infrastructure and solutions company helping connect diverse payment systems seamlessly to move funds in real-time. We believe in the power of interoperability to transform financial inclusion, and are building the digital payment rails to fulfill our vision of being able to send money to any financial instrument.
About Visa Inc.
Visa Inc. (NYSE: V) is the world’s leader in digital payments. Our mission is to connect the world through the most innovative, reliable and secure payment network – enabling individuals, businesses and economies to thrive. Our advanced global processing network, VisaNet, provides secure and reliable payments around the world, and is capable of handling more than 65,000 transaction messages a second. The company’s relentless focus on innovation is a catalyst for the rapid growth of connected commerce on any device, and a driving force behind the dream of a cashless future for everyone, everywhere. As the world moves from analogue to digital, Visa is applying our brand, products, people, network and scale to reshape the future of commerce.