Customers and merchants in India with an active Unified Payments Interface Id (UPI Id) will now be able to initiate and accept cross-border payments seamlessly by leveraging TerraPay's infrastructure and the UPI network.
Moreover, Indian customers with active UPI Ids will now be able to conduct transactions at QR locations enabled by TerraPay around the globe. The partnership will also increase the use of UPI and QR for cross-border merchant payments. TerraPay aims to introduce marginalized or underserved communities into the mainstream of digital payments while improving interoperability among its different services.
The Unified Payments Interface was developed by the National Payments Corporation of India, and according to newswire.ca, it enjoys popularity in India when it comes to person-to-person (P2P) and person-to-merchant (P2M) transactions.
Official representatives from NIPL cited by newswire.ca revealed that they are actively engaging with partners across the world to build partnerships in areas of cross-border acceptance and remittances. The TerraPay strategic partnership aims to improve the overall customer value proposition and provide user-friendly, convenient transaction alternatives to consumers around the world.
In September 2022, TerraPay partnered with Zai in order to deliver real-time, transparent cross-border payments worldwide and cater to millions of consumers. Zai’s consumer brand, CurrencyFair, is a cross-border payments fintech serving both SMEs and individuals in benefitting from competitive rates, fast and reliable transfers, and enhanced customer service when deciding to transfer money online, internationally.
By partnering with TerraPay, a Netherlands-based money solution, Zai will increase its coverage across the global payments ecosystem and will support extended payout capabilities through multiple channels in the markets they operate. As for TerraPay, it will benefit from improved collection and payout offerings in a shared market environment.
In July 2022, Bangladesh-based BRAC Bank has signed an agreement with TerraPay to enable faster cross-border payments. This collaboration allowed non-resident Bangladeshis living and working in other countries to send real-time digital cross-border payments to their friends and families using TerraPay’s interoperability platform.
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