Global payments infrastructure company TerraPay has teamed up with financial super app Beyon Money to help remitters in Bahrain.
Through their partnership, the duo will enable a large addressable remitters market in Bahrain to transact across all key corridors through a swift, secure and affordable network for real-time payouts.
Users will be able to send money to India, Bangladesh, Pakistan, Nepal, Sri Lanka, Philippines, Kenya, Uganda, Cameroon, Ghana, Thailand and Indonesia.
The digital remittance segment is growing rapidly in Bahrain. The market is expected to reach $166m in 2023 and will grow at a CAGR of 9.32% to reach $238.2m by 2027, according to data from Statista.
Speaking on the partnership, TerraPay co-founder and COO Ram Sundaram said, “It gives us immense pride in announcing our partnership with Beyon Money, which is one of the most reliable financial partners in Bahrain.
“Our advanced payments system is designed to make digital transactions seamless, transparent & affordable which is also at the core of Beyon Money. Together, we will make digital transactions more secure and faster for Bahrain remitters & customers. This association will further enhance interconnectivity, interoperability, and financial integration between domestic and cross-border digital payments.”
UK-headquartered TerraPay has built a ‘payments highway’ that allows businesses to create transparent customer experiences and help users send money across the globe. It is registered and regulated in 26 global markets and is partnered with banks, mobile wallets, money transfer operators, merchants and financial institutions.
Beyon Money, which describes itself as the first financial super app in Bahrain, allows users to connect their bank accounts, monitor spending and transactions, use a prepaid card around the world, pay bills and send money.
In other Bahrain FinTech news, FACEKI recently closed a seed funding round. The company offers biometric facial recognition and identity verification services to improve customer onboarding.
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