Visa & TerraPay partner to streamline digital cross-border commerce
By Gloria Methri
TerraPay, a global payments infrastructure company, has announced a strategic equity investment from Visa. In addition, the companies are collaborating to connect Visa solutions to the TerraPay network to help streamline digital cross-border commerce for consumers and small and medium businesses (SMBs).
Visa Direct, which facilitates the delivery of funds directly to eligible cards, bank accounts, and wallets around the world, is the first solution to connect to TerraPay’s network of wallet providers. The collaboration will empower seamless and fast person-to-person remittances for individuals, as well as business pay-outs across 108 receive countries.
It can enhance the usage of eligible commercial cards for SMEs, extending to include added global money-movement capabilities, including cards, accounts, and wallets. At the same time, merchants can use TerraPay’s Request-to-Pay wallet solution, globally.
Ambar Sur, Founder, and CEO, TerraPay, said, “It gives me great pride to say that TerraPay’s relationship with Visa is so much more than a collaboration. With Visa joining us as a key investor, this strategic alliance truly reflects a huge stride forward for global digital payments. We are thrilled to give shape to our joint vision of building a connected and empowered world of digital payments.”
Ruben Salazar Genovez, Global Head, of Visa Direct, said, “We are thrilled that our investment in and collaboration with TerraPay is going to help further enhance the reach of Visa Direct and help spur financial inclusion. More people and SMBs, including underbanked and underserved communities around the world, will soon have access to inbound digital cross-border payment capabilities directly on their mobile devices.”
Sur also added, “Combining Visa’s scale with our global payments infrastructure, we will be able to help Visa customers enhance their pay-out experiences and scale their businesses faster. Our collaboration also serves the larger purpose of enhancing the way of life for these individuals and businesses.”
IBSi Daily News Analysis
June 01, 2023
Cross Border Payments
With ECB nearing its launch, could Digital Euro become a reality?Read More
IBSi FinTech Journal
- Most trusted FinTech journal since 1991
- Digital monthly issue
- 60+ pages of research, analysis, interviews, opinions, and rankings
- Global coverage