Digital payment provider TerraPay will now offer real-time bank payments in the USA and Canada to facilitate better cross border remittances.
Through TerraPay’s partner networks, users in the USA and Canada who currently have traditional access to bank transfers will now be able to send and receive remittances directly into their bank accounts more efficiently and at better rates, therefore, cutting time and extra costs.
In a bid to bridge the gap in the global cross-border payment industry, TerraPay connects financial institutions such as banks and mobile wallets across the world and help users make immediate payments.
With this new expansion, TerraPay’a global footprint spans 70 countries. TerraPay’s global network currently boasts of over four billion partner banks and more than 500 million mobile wallets.
Given how the USA and Canada are homes to millions of students and migrant workers from across the world, the online payment ecosystem has been gaining much traction, the firm said.
Highlighting the importance of seamless and real-time payments globally and the rise of cashless economies, co-founder and chief business officer of TerraPay Ani Sane said, “By facilitating same-day international money transfers and cross border remittances, we will offer an edge to our partners’ customers. The USA and Canada are one of the biggest cashless economies globally, which gives us the right opportunity to scale up our operations going forward.”
Commenting on the foray into the new geographies, TerraPay’s regional director, Philip Daniel said, “Presently, there are more than five million students studying and working away from their country of origin… contributing a cumulative $300 bn to the economy.
“For students, these billion-dollar spends cater to application fees, tuition fee remittances, spends on debit cards off and on campus, living payments. Therefore, it can be easily ascertained how big the market potential for seamless cross border digital remittance transactions is.”
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