TerraPay Forms Council with Leading Digital Wallets to Boost Cross-Border Payments Interoperability

Date – 20-Aug-2024

TerraPay Launches Wallet Interoperability Council with Leading Digital Wallet Operators

TerraPay, a global leader in money movement solutions, has announced the formation of the “Wallet Interoperability Council” in collaboration with five prominent digital wallet operators. This council aims to leverage TerraPay’s technology to enhance interconnection and interoperability in cross-border transactions.

The founding members of this council include Airtel, bKash, MPESA, Nequi, and Sama Money, collectively serving millions of wallet users across regions such as Bangladesh, Colombia, Kenya, Senegal, Tanzania, and Uganda. The council’s goal is to streamline merchant payments, international remittances, and other cross-border transactions by interconnecting their diverse platforms and advancing global wallet interoperability.

“Being part of the Wallet Interoperability Council is a significant step forward for Safaricom. This collaboration with TerraPay is pioneering global wallet payment interoperability and will drive greater value for our users in international money movement,” said Esther Masese Waititu, Chief Financial Services Officer at Safaricom PLC.

The council aims to develop secure, efficient, and cost-effective solutions for cross-border wallet transactions by combining the expertise and resources of its members. TerraPay will provide the necessary technology infrastructure and manage clearing and settlement processes.

María del Pilar, Chief Product Officer at Nequi, commented, “Partnering with TerraPay and other council members is a strategic move that will accelerate the global adoption of digital wallets and improve the cross-border payment experience. This collaboration allows us to share and enhance our capabilities together.”

Ian Ferrao, CEO of Airtel Money, added, “This initiative will bring tangible benefits to our customers and shareholders by facilitating international wallet usage more efficiently than through individual bilateral agreements.”

As digital wallets are expected to handle over $16 trillion in transactions by 2028, this council aims to address the demand for cross-border payment solutions and support the growth of multi-rail wallets in both e-commerce and in-person transactions.

Ali Ahmmed, Chief Commercial Officer at bKash, said, “Our collaboration will enhance consumer experiences and add significant utility for cross-border merchant payments. This council will benefit all participants, especially our wallet users.”

Sekou Kane Diallo, Deputy CEO and IT Manager at Sama Money, noted, “This initiative addresses key market challenges and will transform perceptions of wallet usage in cross-border commerce, making interoperability within the council’s participants more accessible.”

Ambar Sur, CEO of TerraPay, concluded, “With our extensive network connecting over 100 digital wallets, the formation of this council is a major milestone in our mission to provide inclusive financial solutions. We are committed to driving the next wave of wallet evolution and expanding local user experiences to a global scale.”