Visa and TerraPay, a payments infrastructure company have announced a new 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.
“We at TerraPay view the Visa partnership as a next step towards the development of sustainable and scalable interoperable services for our Partners and their consumers’ payment requirements” said Ambar Sur, Founder and CEO of TerraPay.
The TerraPay and Visa 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 a global partner to leading Money Transfer Operators, Mobile Wallet Operators, and Financial Institutions to facilitate digital transactions without borders. “We want our partners to remain focused on their customers’ payment needs and we assist them technologically to deliver payment solutions in an agile, reliable, and secure method to fulfill their customer needs” said Ambar Sur, Founder and CEO of TerraPay.
Global m/e-commerce continues to evolve and is expected to reach $4,574 Billion by 2023 according to Allied Market 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 of Visa’s global strategy to open up Visa’s network and support a broad range of players that are developing new commerce experiences, and transitioning to digital channels.
“Partnerships are fundamental to Visa’s business model and we look forward to collaborating with TerraPay to drive seamless and interoperable financial services and products to push much desired financial inclusion in our communities,,” said Otto Williams, Vice President and Head of Strategic Partnerships, Fintechs and Ventures in CEMEA at Visa.
“Interoperability 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.”