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TerraPay, a payments infrastructure company, and Visa have partnered to develop and deliver payment solutions to drive financial inclusion and cashless transactions for domestic payments and global remittances

The partnership aims to develop and deliver solutions to drive repeat consumption of mobile wallets and digital currencies for digital payments and remittances.

Ambar Sur, founder and CEO of TerraPay, said, “We at TerraPay view the partnership with Visa, as our next step towards the development of sustainable and scalable interoperable payment options for our Partners, and their consumers’ payment requirements.

“We want our partners to remain focused on their customers’ payment needs, as we assist them technologically to deliver payment solutions in an agile, reliable, and secure method.”

According to Allied Market Research, global m/e-commerce continues to evolve and its market value is expected to reach US$4,574bn by 2023, a huge jump from US$601bn in 2016. The main focus for driving consumption will be interoperability with payment methods and seamless consumer transactions.

The partnership is a part of Visa's global strategy to open up its network and support a wide range of players, who are developing new commerce experiences and transitioning into digital channels.

Otto Williams, vice-president and head of strategic partnerships, Fintech and Ventures in CEMEA at Visa, said, “Interoperability is very crucial for a digitally connected payments ecosystem and we are excited that TerraPay is part of our growing Fintech Fast Track programme, as we work together to connect more communities with these solutions.”

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