PayPal and TerraPay partner to expand access to cross-border payments in MENA

Following this announcement, the collaboration is set to drive economic growth by making cross-border transactions faster, easier to use, and more accessible, as well as connecting banks, mobile wallets, and FIs. 

In addition, the partnership is expected to provide enhanced accessibility for clients by facilitating safe account linking and fund transfers from mobile wallets and banks accounts, expanded financial connectivity (providing customers with the possibility to transact internationally with ease), as well as improved financial inclusion, aimed at enabling businesses and individuals to participate more efficiency in the global digital economy. 

More information on the PayPal x TerraPay partnership

According to the official press release, the collaboration is expected to bridge the key gaps in financial connectivity and infrastructure readiness, as well as enable individuals and businesses to engage more fully in the global economy. At the same time, TerraPay is said to serve as an enabler through the use of PayPal’s secure account linking, allowing mobile wallet and bank users across the Middle East and Africa to transfer funds to their PayPal accounts. 

Furthermore, by partnering with TerraPay, PayPal aims to make it easier for businesses and customers to make cross-border transactions, as well as to unlock economic opportunities and build a more connected, inclusive financial future for the Middle East and Africa region. The collaboration also marks an important step in expanding financial access across the MENA region, where TerraPay’s global infrastructure is set to overcome the limitations of traditional banking. TerraPay will continue to connect various financial systems, from banks to mobile banks, in order to make it easier for institutions to scale and users to transact on a global scale. 

In addition, as the demand for cross-border payments continues to grow across the region, PayPal and Terrapay will remain committed to delivering secure and convenient financial solutions that give businesses the possibility to accelerate their development in an increasingly connected landscape.