TerraPay, a global payments infrastructure company headquartered in the UK, announced a strategic equity investment from Visa, a world leader in digital payments.
This partnership will allow TerraPay to connect its network with Visa’s solutions, with the aim of simplifying digital cross-border commerce for consumers and small-to-medium businesses (SMBs).
The financial details of the deal remain undisclosed. However, Visa’s involvement is a significant endorsement of TerraPay’s mission to create a seamless, efficient system for global digital payments. Among the first solutions to be connected to TerraPay’s network is Visa Direct, a service that facilitates the direct transfer of funds to cards, bank accounts, and wallets worldwide.
TerraPay partners with mobile wallets and bank accounts globally. With the integration of Visa Direct, individuals can experience faster and seamless person-to-person remittances, while SMBs can benefit from efficient business pay-outs across 108 recipient countries.
Cross-border trade, particularly in emerging markets, has seen steady growth and is expected to reach a value of $8tn by 2025. Despite the rise of digital payments, the process remains complicated and fraught with challenges such as delays, high costs, lack of standardisation, and inefficiency, especially for SMBs.
The collaboration between TerraPay and Visa aims to address these challenges, offering comprehensive pay-in and pay-out solutions to enhance the usage of eligible commercial cards for SMEs. These solutions will include added global money-movement capabilities for cards, accounts, and wallets. Merchants will also be able to utilise TerraPay’s Request-to-Pay wallet solution worldwide.
TerraPay CEO Ambar Sur commented on the partnership, saying, “With Visa joining us as a key investor, this strategic alliance truly reflects a huge stride forward for global digital payments. We are thrilled to give shape to our joint vision of building a connected and empowered world of digital payments.”
Similarly, Ruben Salazar Genovez, Global Head, Visa Direct, expressed excitement for the partnership, stating, “We are thrilled that our investment in and collaboration with TerraPay is going to help further enhance the reach of Visa Direct and help spur financial inclusion.”
The strategic investment from Visa comes as an additional boost to TerraPay, which already boasts an extensive network of 7.5bn+ bank accounts, 2.1bn+ mobile wallets, across 108 receive countries and 205 send countries, positioning it as a leading global partner to banks, mobile wallets, money transfer operators, merchants, and financial institutions.
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