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Visa and TerraPay, a payments infrastructure company have announced a newĀ partnership to drive domestic remittance.
The two companies will develop and deliver payment solutions to drive financial inclusion and cashless transactions for domestic payments in Kenya and global remittances to Kenya.
The partnership comes at a time when according to the Central Bank of Kenya, remittances to Kenya have seen a steady drop from the beginning of the calendar year, occasioned by the declaration of the global COVID-19 pandemic.
āWe at TerraPay view theĀ VisaĀ partnership as a next step towards the development of sustainable and scalable interoperable services for ourĀ Partners and their consumersā payment requirementsā said Ambar Sur, Founder andĀ CEO of TerraPay.
The TerraPay andĀ VisaĀ global partnership is aimed to develop and deliver solutions to drive repeat consumption of the mobile wallets and digital currency for digital payments and remittances.
TerraPay has established itself as aĀ globalĀ partnerĀ toĀ leadingĀ Money Transfer Operators, MobileĀ WalletĀ Operators, and Financial Institutions to facilitateĀ digitalĀ transactions without borders. āWe want our partners to remain focused on theirĀ customers’ paymentĀ needs and we assist them technologically to deliver paymentĀ solutionsĀ in an agile, reliable, and secure method to fulfill their customer needsā said Ambar Sur, Founder andĀ CEO of TerraPay.
Global m/e-commerce continues to evolve and is expected to reach $4,574 Billion by 2023 according to AlliedĀ MarketĀ Research*, up from $601 billion in 2016. Interoperability with payment methods and seamless consumer journey to conclude the transactions will be key focus to drive consumption.
The partnership is part ofĀ Visaās global strategy to open upĀ Visaās network and support a broad range of players that are developing new commerce experiences, andĀ transitioning to digital channels.
āPartnerships are fundamental toĀ Visaās business model and we look forward to collaboratingĀ with TerraPay to drive seamless and interoperable financial services and products to push much desired financial inclusion in our communities,,ā said Otto Williams, Vice President and Head of Strategic Partnerships, Fintechs and Ventures in CEMEA atĀ Visa.
āInteroperability is key to a digitally connected payments ecosystem and we are excited that TerraPay is part of our growing Fintech Fast Track program as we work together to connect more communities with these solutions.ā
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