- TerraPay, a leading payment infrastructure firm, has signed a new Memorandum of Understanding with Network International, a digital commerce enabler firm.
- The two companies will work together to develop and offer a new payments solution in the United Arab Emirates.
- “This paves the way to foster financial inclusion and independence for customers, by offering real-time mobile wallet payments, for the very first time in the UAE,” said a senior spokesperson for TerraPay.
TerraPay, a major payment infrastructure firm, has confirmed a new Memorandum of Understanding with digital commerce enabler Network International.
The company said that it will work alongside Network International as part of a new push to add innovative payment solutions on its interoperable platform in the United Arab Emirates.
According to press reports, this will give TerraPay a significant boost when it comes to working in the cross-border payments sector in the Middle East.
It will focus in particular on linking up Network International’s terminals in the United Arab Emirates with a range of mobile wallet providers in Africa.
From there, the network of providers in these two locations will be able to expand their capabilities in these corridors.
It will also be possible for TerraPay’s global partner networks to join in, including those based in regions such as the US, Europe and Asia.
In a statement, a senior leader at TerraPay said that the firm was “excited” about the new offer.
Ani Sane, TerraPay’s co-founder and chief business officer, said that the firm was positive about the prospect of multi-channel projects.
“We are excited about our upcoming association with Network International, in driving mobile wallet acceptance and consumption across multi-channels on Network International’s terminals and e-commerce sites in the UAE,” he said.
He added that financial inclusion could also receive a boost because of the new pairing.
“This paves the way to foster financial inclusion and independence for customers, by offering real-time mobile wallet payments, for the very first time in the UAE.
“Opening up interoperability for mobile wallets is the next big wave in digital payments across the world.”
Network International’s group chief executive officer said that the company was looking forward to the prospect of enhanced mobile wallet collaboration.
Nandan Mer said that the company was “delighted” about the partnership.
“Mobile wallets are increasingly gaining popularity as a preferred payment method across the world, and as a market leader in end-to-end payment solutions, we are delighted to collaborate with TerraPay to enable acceptance of mobile wallets across our merchant network in the UAE,” he said.
TerraPay is a partner to a wide range of global banks and payments institutions and has regulatory approval in more than 15 nations around the world.
International money transfers are vital for the world’s economy. Do you want to know more about how this process works and what it looks like in practice? If so, just head over to our reviews pages and read more.
