TerraPay has announced a collaboration with five wallet operators to establish the ‘Wallet Interoperability Council’, aiming to leverage TerraPay’s technology to facilitate interconnection and interoperability in cross-border transactions.
Together, these operators serve millions of wallet users, spanning regions such as Bangladesh, Colombia, Kenya, Senegal, Tanzania and Uganda. The founding members of this council include Airtel, bKash, MPESA, Nequi, and Sama Money.
The council aims to facilitate merchant payments, international remittances, and other use cases in cross-border transactions interconnecting their diverse platforms, advancing global wallet interoperability.
There is a clear demand for expansion into the global arena and TerraPay technology aim to facilitate this expansion
Esther Masese Waititu, Chief Financial Services Officer, Safaricom PLC, said: “This initiative is a significant and timely development and Safaricom is excited to be a part of the Wallet Interoperability Council. This collaborative effort with TerraPay, is pioneering interoperability for global wallet payments and will accelerate our efforts in driving more value for our users for international money movement.”
This open collaboration will bring together the expertise and resources to develop the conditions that ensures secure, efficient, and cost-effective cross-border wallet transactions for payments and money movement. TerraPay enables this initiative, providing both the technology infrastructure and handling clearing and settlement processes.
María del Pilar, Chief Product Officer at Nequi, added: “Collaborating among us, and with TerraPay is a strategic move that will accelerate the adoption of digital wallets and financial platforms globally and enhance the overall cross-border payment experience. This is a team effort where we share and complement each other’s capabilities.”
Ian Ferrao CEO Airtel Money, commented: “We are excited to be part of this effort and look forward to delivering tangible benefits to our customers and our shareholders. Until now the only option to enable our users to use their wallet internationally was to secure bilateral agreements, but we can’t sign 100s of them efficiently, and that’s where this alliance brings value to all the participants.”
“TerraPay forms council with digital wallets to accelerate cross-border payments interoperability” was originally created and published by Electronic Payments International, a GlobalData owned brand.
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