TerraPay has formed a new initiative to enhance how wallets interact globally. Dubbed the “Wallet Interoperability Council,” this collaboration brings together five digital wallet operators to make international money transfers more accessible globally.
Global Wallet Interoperability
The Wallet Interoperability Council, spearheaded by TerraPay, includes key players like Airtel, bKash, MPESA, Nequi, and Sama Money. These operators serve vast regions, including Bangladesh, Colombia, Kenya, Senegal, Tanzania, and Uganda.
According to the London-headquartered firm, the council's goal is to advance global wallet interoperability, enabling merchant payments , international remittances, and other cross-border transactions by connecting diverse platforms. Traditionally, digital wallets have operated primarily within local markets. However, the demand for global payment solutions has been growing rapidly.
Speaking about the initiative, TerraPay’s CEO, Ambar Sur, said: “TerraPay connects today more than 100 digital wallets and we have been developing the technology to support interoperability since our inception; we recognize the immense potential of digital wallets in the global payment ecosystem.”
He further added, “The formation of this council marks a significant milestone in our mission to provide innovative and inclusive financial solutions; collectively, we will empower millions of individuals to participate in the global economy.”
By leveraging TerraPay's technology, the council aims to break down these regional barriers and facilitate secure, efficient, and cost-effective cross-border transactions. Through the new partnership, the companies also aim to accelerate the adoption of digital wallets and financial platforms globally.
The Future of Digital Wallets in a Global Market
The global market for digital wallets is expected to grow exponentially, with projections indicating that by 2028, over 7 billion wallets will process around $16 trillion in volume. Thus, multi-rail wallets are increasingly gaining prominence in both e-commerce and face-to-face transactions, with cross-border payments playing a crucial role in this expansion.
TerraPay teamed up with Worldwide Cash Express a few months ago to enhance money transfer services. The two companies mentioned that the partnership aims to expand customers' cross-border payments by making them faster, more secure, and more cost-effective.
Specifically, the agreement enables Worldwide Cash Express to use TerraPay's technology to enrich its global payment network and offer various cross-border payment services. Worldwide Cash Express is a subsidiary of Al Ansari Financial Services PJSC, an international money transfer company with a network of over 150,000 payout locations across 100 countries.
