The collaboration will see Visa’s solutions connect to the TerraPay network of wallet providers with an aim to improve digital cross-border commerce, with the first solution to be connected being Visa Direct, which helps facilitate funds’ delivery directly to eligible cards, bank accounts, and wallets worldwide.
Based on the information provided in the press release, enabling Visa Direct to TerraPay’s global partner integrations of mobile wallets and bank accounts empowers simplified and expedited person-to-person (P2P) remittances for individuals, together with business payouts for small and medium businesses (SMBs) throughout 108 receive countries.
Global cross-border trade has been growing steadily, predominantly from emerging markets, and is expected to reach a value of USD 8 trillion by 2025. Despite this boom and the increase of digital payments globally, cross-border business payments keep on being complex and challenging, especially for SMBs, for whom the sending money process can oftentimes come with delays, increased costs, lack of standardisation, and inefficiency.
The TerraPay – Visa collaboration looks to pave the way for holistic payin and payout solutions that can increase the usage of eligible commercial cards for SMEs, expanding to include added global money movement capabilities, including cards, accounts, and wallets. Concomitantly, merchants can leverage TerraPay’s Request-to-Pay wallet solution globally.
Commenting on the news, Ambar Sur, Founder and CEO, TerraPay said that the Visa – TerraPay relationship is more than a collaboration, as Visa joining as a key investor has the alliance reflect a step forward for global digital payments.
Ruben Salazar Genovez, Global Head, Visa Direct believes that Visa’s investment in and collaboration with TerraPay is set to help further increase Visa Direct’s reach and spur financial inclusion. Per their statement, an increased number of people and SMBs, including worldwide underbanked and underserved communities, are to soon be provided with access to inbound digital cross-border payment capabilities directly on their mobile devices.
Adding on this, Ambar Sur further stated that by comibining Visa’s scale with TerraPay’s global payments infrastructure, they will be enabled to assist Visa customers with improving their payout experiences and scaling their businesses in an expedited manner. The spokesperson further advised that the collaboration also serves the bigger purpose of bettering the way of life for such individuals and businesses, providing them with an increasingly connected and accessible global payments ecosystem.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now