Worldwide Cash Express has collaborated with TerraPay, a global financial technology firm, to enhance money transfer services. According to the two entities, this partnership aims to boost customers' cross-border payment experience by making it faster, more secure, and more cost-effective.

Worldwide Cash Express Extends Reach

The partnership enables Worldwide Cash Express to use TerraPay's technology to expand its global payment network and offer a wider range of cross-border payment services. Worldwide Cash Express is a subsidiary of Al Ansari Financial Services PJSC, a global money transfer firm that reportedly has a network of more than 150,000 payout locations across 100 countries.

Omer Farooq, Worldwide Cash Express's Head of Operations, mentioned: "Partnering with TerraPay is a testament to our ongoing commitment to providing our customers with the best possible service for international money transfers. We're excited to add TerraPay's innovative technology to our roster of exceptional providers, allowing us to offer a wider range of faster and more cost-effective options."

Last month, TerraPay and barq entered into a partnership to enhance cross-border money transfers. This collaboration integrates TerraPay's payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term network with barq to enhance financial services in Saudi Arabia and beyond.

Barq is a fintech Fintech Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Read this Term application regulated by the Saudi Central Bank. The partnership with TerraPay aims to boost Barq's capabilities to enable faster international money transfers. This move aligns with Barq's license approval from the Saudi Central Bank.

More Partnerships with TerraPay

This development followed TerraPay's earlier partnership with Alfardan Exchange, which integrates TerraPay's digital payment infrastructure with Alfardan's established network. According to the company, this collaboration seeks to enhance the efficiency, cost-effectiveness, and responsiveness of cross-border payments, providing a solution to meet customers' diverse needs.

Additionally, TerraPay partnered with Turkey's Papara to simplify global money transfers, targeting the high costs associated with cross-border transactions for Papara wallet users. The partnership aligned with TerraPay's push to tap into Turkey's rapidly growing digital payment market, which is projected to expand by 15% annually from 2023 to 2027, reaching a market volume of $136 billion by 2027.