The collaboration aims to help revolutionise the landscape of cross-border remittances and marks a significant milestone for the region, as Bangladeshi expatriates are provided with a swift, affordable, and secure method to remit their money to their families back home.
With a commitment to innovation and customer-centric solutions, Nagad has partnered with TerraPay to leverage its interoperability platform and extensive network spanning more than 200 countries. As per the press release information, the strategic alliance enables Nagad to establish a simplified avenue for real-time, cross-border money transfers, helping ensure that expatriates and their families have access to high-security features and a government incentive of BDT 25 per BDT 1,000 when receiving remittances in their Nagad wallets, all at a minimal cost.
What is more, the collaboration empowers Nagad to connect with TerraPay’s network presence across the globe, ensuring 24/7 service availability throughout the year. A private commercial bank in Bangladesh, namely Trust Bank Limited, played a pivotal role in facilitating the collaboration between TerraPay and Nagad, as it enabled Nagad to operate as a remittance service provider approved by the Bangladesh Bank.
With a global presence, TerraPay is registered and regulated across 29 international markets. The company serves as a partner for banks, mobile wallets, money transfer operators, merchants, and financial institutions worldwide, looking to contribute to the creation of an increasingly extensive and inclusive international financial ecosystem. What is more, Visa’s strategic equity investment in TerraPay helps enhance the digital cross-border commerce experience for both consumers and small-to-medium-sized businesses.
When commenting on the announcement, TerraPay representatives expressed enthusiasm towards the partnership, stating that they are looking forward to collaborating with Nagad to enable faster and more secure remittance inflow for expatriate Bangladeshis. As wallets are considered the key enablers for sending money back home, TerraPay aims to ensure a simplified and instant process for the end consumer, which in most cases is the family. Per their statement, Nagad propels the brand to fulfil this goal, and TerraPay is looking forward to leveraging its interoperability platform and helping simplify lives.
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