TerraPay has announced a partnership with five wallet operators to establish the Wallet Interoperability Council. The goal is to leverage TerraPay’s technology to facilitate interconnectivity and interoperability in cross-border transactions.
Together, these operators serve millions of wallet users, spread across regions such as Bangladesh, Colombia, Kenya, Senegal, Tanzania and Uganda. The founding members of this board include Airtel, bKash, MPESA, Nequi and Sama Money.
The council aims to facilitate merchant payments, international transfers and other use cases in cross-border transactions by connecting their different platforms, thus improving the interoperability of global wallets.
There is a clear demand for expansion on the global stage and TerraPay technology is aimed at facilitating this expansion.
Esther Masese Waititu, Chief Financial Services Officer, Safaricom PLC, said: “This initiative is an important and timely development and Safaricom is delighted to be part of the Wallet Interoperability Council. This partnership with TerraPay is a pioneer in the field of interoperability for global wallet payments and will accelerate our efforts to create more value for our users for international money movement.”
This open collaboration brings together the expertise and resources to develop the conditions that ensure secure, efficient and cost-effective cross-border wallet transactions for payments and money movement. TerraPay enables this initiative by providing both the technological infrastructure and handling clearing and settlement processes.
María del Pilar, Chief Product Officer at Nequi, added: “Partnering with 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.”
Ian Ferrao CEO Airtel Money, commented: “We are excited to be part of this effort and look forward to delivering tangible benefits to our customers and shareholders. Until now, the only option to enable our users to use their wallets internationally has been to sign bilateral agreements, but we cannot efficiently sign hundreds of them, and that is where this alliance adds value to all participants.”
“TerraPay teams up with digital wallets to accelerate cross-border payment interoperability” was originally created and published by Electronic payments internationallya brand of GlobalData.
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