TerraPay partners with Beyon Money

Monday 6 February 2023 14:37 CET | News

Netherlands-based fintech company TerraPay has announced its partnership with Beyon Money to enhance outward remittances from Bahrain to key integrated networks.

Following this partnership, TerraPay, and Beyon Money will offer clients the possibility to access a large addressable remitters market in Bahrain for making transactions across all key corridors. This process will allow customers to utilise a secure, efficient, and affordable network for real-time payouts to their family, acquaintances, friends, and loved ones. 

Users will be able to make instant payments and transfers from Bahrain to India, Pakistan, Nepal, Indonesia, Thailand, Ghana, Cameroon, Uganda, Philippines, Sri Lanka, Bangladesh, Kenya, and more. 

TerraPay’s aim is to enable businesses, merchants, and trades with a suite of simple, safe, and efficient payment solutions and tools. This will offer companies the possibility to improve their customer service and experience by meeting their expectations and demands. Alongside TerraPay, Beyon Money represents one of the organisations that is propelling the digital transformation and development of the region. It addresses the reliability, affordability, security, and accessibility of the needs and preferences that customers might have, enabling more of them to make sage and swift instant payments.

Netherlands-based fintech company TerraPay has announced its partnership with Beyon Money to enhance outward remittances from Bahrain to key integrated networks.

TerraPay’s development strategy

Global payments infrastructure company, TerraPay allows its users to benefit from numerous services and products, such as complex regulatory compliance, safe and reliable access to its global financial ecosystem. 

The payment solutions include cross-border remittances (clients can make simple and instant transfers around the world), as well as Peer-to-Peer (P2P), Business-to-Business (B2B), Request-to-Pay (a feature that gives the customer the possibility to power their mobile wallet acceptance at any time or place), business payouts, and issuance. 

In September of 2022, TerraPay partnered with NPCI International Payments Limited to offer seamless merchant payments via UPI-enabled QR codes. Merchants and clients in India that had an active Unified Payments Interface Id (UPI Id) were able to initiate and accept cross-border payments easily and quickly by leveraging TerraPay’s infrastructure and the UPI network. 

Furthermore, Indian customers that had active UPI Ids had the possibility to conduct transactions at QR locations authorised by TerraPay around the world. The partnership aimed to increase the use of UPI and QR codes for cross-border merchant payments. TerraPay focused on introducing marginalised communities into the mainstream of digital payments, while also improving interoperability among its different services. 

Earlier that month, the company announced its collaboration with Zai to boost worldwide cross-border payments. Being a global fintech specialising in embedded finance orchestration solutions, Zai joined TerraPay in a strategic plan to deliver real-time, transparent cross-border payments around the world, to numerous customers. 

The collaboration focused on increasing the coverage of both organisations across the global payments ecosystem while supporting extended payout capabilities through multiple channels and strategies in the markets and industries the companies operate. 

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Keywords: partnership, cross-border payments, ecommerce, online payments, instant payments
Categories: Payments & Commerce
Companies: BEYON Money, TerraPay
Countries: Bahrain
This article is part of category

Payments & Commerce




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