TerraPay, a global money movement company, announced a collaboration with five leading wallet operators to establish the Wallet Interoperability Council, which aims to leverage TerraPay’s technology to facilitate interconnection and interoperability in cross-border transactions.
Together, these operators serve millions of wallet users in 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’s goal is to facilitate merchant payments, international remittances and other cross-border transaction use cases by connecting the various platforms and promoting the interoperability of global wallets. While wallets have so far served primarily as local payment solutions, there is a clear demand to expand to the global realm and TerraPay’s technology is designed to facilitate this expansion.
Also Read: Stellar Cyber named as a Sample Vendor in the Gartner® Hype Cycle™ for Security Operations, 2024
“This initiative is an important and timely development – and Safaricom is delighted to join the Wallet Interoperability Council. This collaboration with TerraPay pioneers interoperability for global wallet payments and will accelerate our efforts to provide our users with more value for international money movements,” said Esther Masese Waititu , Chief Financial Services Officer, Safaricom PLC.
This open collaboration will pool expertise and resources to create the conditions for secure, efficient and cost-effective cross-border wallet transactions for payments and money movement. TerraPay is enabling this initiative by providing both the technological infrastructure and handling the clearing and settlement processes.
María del Pilar, Chief Product Officer at Nequi said: “The collaboration between us and TerraPay is a strategic move that will accelerate the adoption of digital wallets and financial platforms globally and improve 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 to be able to deliver tangible benefits to our customers and shareholders. Until now, the only way to enable our users to use their wallet internationally was to enter into bilateral agreements, but we cannot efficiently sign hundreds of them, so this alliance brings value to all participants,” said Ian Ferrao , CEO of Airtel Money .
Several studies show that by 2028, there will be more than 7 billion wallets processing a volume of around USD 16 trillion. Multi-lane wallets are gaining importance in e-commerce and in-person settings, with cross-border payments playing a crucial role in the expansion of wallets.
Ali Ahmmed , Chief Commercial Officer at bKash, said: “This collaboration will bring together the best of our capabilities and leverage each other’s reach and coverage to enhance our own customers’ experience, while maintaining our independence and providing our wallet customers with meaningful value for cross-border merchant payments. We are confident that all parties will benefit from this advice, but the real winner is the consumers with their wallet.”
“This initiative addresses real market challenges and has the potential to change the perception of using wallets for cross-border trade, thus enabling easy access for interoperability between Council participants worldwide. This is very exciting and we look forward to driving this forward,” said Sekou Kane Diallo , Deputy CEO and IT Manager, Sama Money .
This advice is a first step towards capitalizing on these trends, providing the necessary interoperability and improving the usability for millions of wallet users.
“TerraPay connects more than 100 digital wallets today and we have developed the technology to support interoperability since our inception. We recognize the immense potential of digital wallets in the global payments ecosystem. The establishment of this council is an important milestone in our mission to provide innovative and inclusive financial solutions. Together, we will empower millions of people to participate in the global economy,” said Ambar Sur , CEO of TerraPay . “We have great respect and admiration for our founding partners, and we are committed to driving the next wave of wallet evolution and bringing the local user experience to the global level.”
SOURCE: PRNewsWire