Magnati, a renowned payments company in the Middle East, has joined hands with TerraPay, a global leader in cross-border payment networks.
Magnati is known for empowering merchants with innovative payment methods, while TerraPay boasts an impressive global reach with connections to 7.5bn+ bank accounts and 2.1bn+ mobile wallets, complemented by 29 global licenses and regulatory approvals.
This collaboration aims to revolutionise the way African visitors and residents in the UAE make payments. By integrating TerraPay’s technology, Magnati is adding a crucial payment method to its suite, enabling convenient transactions via digital wallets preferred by African consumers.
Magnati is a key player in the payment solutions industry in the Middle East. Specializing in direct acquiring, issuer processing, and acquiring processing, Magnati offers a comprehensive payments platform. Their focus on using next-generation technology sets them apart, ensuring improved experiences and increased efficiency for their government, merchant, and institutional clients.
TerraPay, on the other hand, is a global partner for banks, mobile wallets, money transfer operators, and financial institutions. Their role as an aggregator of leading digital and mobile wallets enables seamless cross-border payments. Their collaboration with telecom wallet providers like Airtel, M-PESA, and MTN further extends their influence in the mobile payment domain.
Ramana Kumar, CEO of Magnati said, “Over time, 50,000+ Payment Terminals of Magnati will be enabled to accept payments using popular wallets from Africa in their respective local currencies. This exciting collaboration with TerraPay signifies our commitment to providing seamless payment solutions that meet the evolving demands of our customers, while also fostering stronger ties between the UAE and Africa.”
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