Cross-border payments network, TerraPay has partnered with Nequi, allowing Colombians to receive remittances from relatives and friends abroad through a single platform.
Through the deal, which was announced at Money20/20 USA, the companies are aiming to streamline payments to Colombians from over 200 countries and remove key pain points that often come with receiving remittances such as queues and long waiting times. In addition, there will be no additional fees for the beneficiary, the firms said.
Ambar Sur, CEO and Co-Founder at TerraPay, said, “We both understand the need to improve the experience every person has with accessing their money and making transactions. Our aim will be to ensure users of the Nequi app have affordable access to traditional cross border payments or remittances channels for many years to come and feel financially empowered”
According to a recent Statista report, transaction value in the Digital Remittances market is projected to reach US$79.60m, this year before showing an annual growth rate (CAGR) of 7.19% between 2023 and 2027. This would result in a total transaction value of US$105.10m at the end of this period.
Nequi’s digital financial platform currently has more than 17 million users in Colombia and Panama, including 12 million active users per month send, pay, organise and save their money via the app.
“After receiving their remittance in Nequi, users can use the app to send money to other people, make digital and physical payments, organise their finances, save, and much more,” María del Pilar Correa, CPO of Nequi, added.