TerraPay, a leading global payments infrastructure company, announced its expansion into Bank Account payments in the USA and Canada markets to facilitate digital cross border remittances and speedy money transfers to senders (partners and their customers) from key corridors around the globe.
TerraPay's objective is to build global digital payment highways that interconnect financial institutions such as Banks and Mobile Wallets across the world, nurturing inclusivity, independence and empowerment to all in the global ecosystem.
Users across these countries and continents who currently have traditional access to bank transfers directly into the USA and Canada, will now be able to send and receive remittances more efficiently and at global best practice rates directly into their bank accounts through TerraPay's partner networks. With this entry, TerraPay's global footprint reaches 70 countries.
The USA and Canada markets have a largely potential payments ecosystem, including significant Business, Personal, and Education payment requirements. This lends to the markets being the home to millions of students and migrant workers across the world, who immigrate for better education and work opportunities.
With TerraPay's expansion into these cashless economies, individuals and businesses across the globe who have to make a small, mid-size or large payment to the USA or Canada can do so through TerraPay's well-entrenched global partner network of 4 Bn+ Banks and 500 Mn+ Mobile Wallets. TerraPay's state-of-the-art interoperability engine will enable it's partners' customers to send and receive payments on a scalable, secure, transparent, and efficient platform, and with an assured same day credit notification. All this, at a nominal validation.
"We are proud to announce our expansion into bank account payments in the USA and Canada, expanding our reach to 70 countries, globally. By facilitating same day international money transfers and cross border remittances, we will offer an edge to our partners' customers. The USA and Canada are one of the biggest cashless economies globally, which gives us the right opportunity to scale up our operations going forward. We look forward to paving these two new destinations on our global payments highway, " said Sane, Co-founder and Chief Business Officer, TerraPay.
"Presently, there are more than 5 million students studying and working away from their country of origin. Most of these students and other migrant populations are living in countries such as the USA, UK, Australia, Germany, Canada and others, contributing a cumulative $300 Bn to the economy. For students, these billion dollar spends cater to application fees, tuition fee remittances, spends on debit cards off and on campus, living payments. Therefore, it can be easily ascertained how big the market potential for seamless cross border digital remittance transactions is. Our solution enables P2P and B2B fund transfers on the same day compared to the current 2-3 days delivery as with traditional banking channels. Our partners and end consumers benefit from higher cost efficiencies and increased revenues, transforming the future of efficient digital money transfers," said Philip Del, Regional Director, TerraPay, speaking on the foray into the new marquee geographies.
TerraPay has established itself as a global partner to leading banks, money transfer operators, mobile wallet operators and financial Institutions to facilitate digital transactions without borders. As a B2B company, TerraPay partners with other businesses and helps them leverage its agile, secure, and scalable technology platform to enhance their customer proposition for remittances, payments, and cross border spends. TerraPay is regulated in over 45 countries around the world.
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( With inputs from ANI )
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