New senior figure joins TerraPay


Valentina Vitali
Valentina Vitali
FXC Intelligence Research Analyst
Valentina is a Research Analyst at FXC Intelligence, the data sister company of FXcompared. Valentina is passionate about payments and fintech. Valentin enjoys analysing money transfer companies and… Read more
  • Dutch firm TerraPay has announced the appointment of Ritesh Pai, who will serve as senior vice president for product and payment solutions.
  • Pai formerly worked for Yes Bank and has extensive experience, especially digitally.
  • He expressed a positive note about his future at the firm – a sentiment that was echoed by Ambar Sur, the firm’s founder and current chief executive officer.

Online money transfer provider TerraPay has announced the appointment of a new senior figure to join its ranks.

The company, which is based in the Netherlands and offers cross-border payments services, said that it had hired Ritesh Pai.

Pai will take up the post of senior vice president for product and payment solutions.

He is experienced in working across the online money transfer sector, and has worked in verticals such as payments and retail.

He also has specific experience when it comes to digitalisation.

His previous job was at Yes Bank, where he served as senior group president and chief digital officer.

There, he was responsible for running the bank’s digital transformation strategy.

Both Pai and senior figures at the firm said that they were upbeat about the appointment.

According to Ambar Sur, who is the founder and chief executive officer at TerraPay, the appointment of Pai gives the firm a real advantage.

“Ritesh’s rich knowledge and experience in the digital payments domain with his highly result-oriented approach, makes him instrumental in our Solutions forte,” Sur said.

Pai himself also made comments about his appointment.

In a statement, he acknowledged that the online money transfer industry was facing a fast-changing landscape.

“The evolution of the payments industry continues to be driven by changes in technology and customer behavior,” he said.

He went on to outline the firm’s wider set of goals – especially in terms of geographic spread.

“Our vision is to empower all regions – developed and underserved, with financial solutions enabling them to Send, Spend, Manage and Grow, by offering propositions that are outcome-oriented,” he explained.

He rounded off his remarks on a positive note about his future at the firm.

“I look forward to my journey at TerraPay in driving this initiative,” he said.

The appointment of Pai comes towards the end of what has been a very busy year for TerraPay.

In March of this year, for example, the firm underwent an acquisition when it was taken over by Partech Africa and Prime Ventures.

The precise value of the acquisition, however, has not been confirmed.

In June of this year, TerraPay announced that it would now be working alongside Visa to build on instant payment capacities.

The aim of this particular partnership is to boost the levels of interoperability for real-time cash transfers.

The two firms also intend to incentivise repeated re-usage of services such as mobile wallets.

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