TerraPay, a prominent global money movement firm, has partnered with five leading wallet operators to establish the “Wallet Interoperability Council”.
This initiative is aimed at leveraging TerraPay’s advanced technology to enhance interconnection and interoperability among cross-border transactions. The operators involved include Airtel, bKash, MPESA, Nequi, and Sama Money, which collectively serve millions of users across Bangladesh, Colombia, Kenya, Senegal, Tanzania, and Uganda.
The primary aim of this council is to facilitate various financial transactions across borders, including merchant payments and international remittances. By connecting these diverse platforms, the council seeks to meet the growing global demand for wallet interoperability.
Studies predict that by 2028, over seven billion wallets will be processing approximately $16trn in transactions, highlighting the importance of multi-rail wallets in both e-commerce and face-to-face environments. The Wallet Interoperability Council is positioned to capitalize on these trends by enhancing user experiences and facilitating easier access to global financial systems.
Ian Ferrao, CEO of Airtel Money, highlighted the practical benefits, “We are excited to be part of this effort and look forward to delivering tangible benefits to our customers and our shareholders. Until now the only option to enable our users to use their wallet internationally was to secure bilateral agreements, but we can’t sign 100s of them efficiently, and that’s where this alliance brings value to all the participants.”
Ambar Sur, CEO of TerraPay, summed up the initiative’s scope, “”TerraPay, connects today more than 100 digital wallets and we have been developing the technology to support interoperability since our inception, we recognize the immense potential of digital wallets in the global payment ecosystem. The formation of this council marks a significant milestone in our mission to provide innovative and inclusive financial solutions, collectively we will empower millions of individuals to participate in the global economy.
“We have a huge respect and admiration for our founding partners, and we are committed to driving the next wave of wallet evolution, bringing the local user experience to the global scale.”
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