Dutch-based digital payments company TerraPay has welcomed Visa as a strategic investor and global partner, as digital cross-border trade accelerates.
In a statement the companies said that Visa Direct had become the first solution to connect to TerraPay’s network of bank accounts and mobile wallet providers.
The investment from Visa helps TerraPay to further expand its payments infrastructure and services to address new payment corridors and use cases in the remittance and payments space.
Global cross-border trade has seen steady growth, largely from emerging markets. By 2025, cross-border trade is expected to reach a value of US$8Tn. Yet, despite the rise of digital payments globally, cross-border business payments continue to face challenges such as delays, high costs and lack of standardisation which the firms are aiming to tackle through the partnership.
“With Visa joining us as a key investor, this strategic alliance truly reflects a huge stride forward for global digital payments. We are thrilled to give shape to our joint vision of building a connected and empowered world of digital payments,” said Ambar Sur, founder and CEO of TerraPay.
TerraPay’s platform is interoperable with any money transfer system and can be integrated into any mobile wallet, bank account or payment system. This allows users to send and receive remittances in a convenient, secure and cost-effective way.
Ruben Salazar Genovez, Global Head, Visa Direct, added: “We are thrilled that our investment in and collaboration with TerraPay is going to help further enhance the reach of Visa Direct and help spur financial inclusion.”
This strategic partnership is expected to strengthen the position of both companies in the remittances and cross-border payments market, as they continue to leverage their respective strengths in technology and infrastructure.