This archive report was first published on 24 June 2020.
On June 24, 2020, TerraPay, a global payments infrastructure company, and Visa announced a strategic partnership to drive financial inclusion and cashless transactions in Kenya and global remittances to Kenya.
The partnership comes at a time when remittances to Kenya have seen a steady drop due to the COVID-19 pandemic, according to the Central Bank of Kenya.
"We view the Visa partnership as a next step towards developing sustainable and scalable interoperable services for our partners and their consumers' payment requirements," said Ambar Sur, Founder and CEO of TerraPay.
The partnership aims to develop and deliver solutions to drive repeat consumption of mobile wallets and digital currency for digital payments and remittances.
TerraPay has established itself as a global partner to leading Money Transfer Operators, Mobile Wallet Operators, and Financial Institutions to facilitate digital transactions without borders.
"We want our partners to remain focused on their customers' payment needs, and we assist them technologically to deliver payment solutions in an agile, reliable, and secure method to fulfill their customer needs," said Ambar Sur, Founder and CEO of TerraPay.
Global m/e-commerce is expected to reach $4,574 Billion by 2023, according to Allied Market Research, up from $601 billion in 2016.
Interoperability with payment methods and a seamless consumer journey will be key to driving consumption.
Visa's Vice President and Head of Strategic Partnerships, Fintechs and Ventures in CEMEA, Otto Williams, said, "Partnerships are fundamental to Visa's business model, and we look forward to collaborating with TerraPay to drive seamless and interoperable financial services and products to push much-desired financial inclusion in our communities."
"Interoperability is key to a digitally connected payments ecosystem, and we are excited that TerraPay is part of our growing Fintech Fast Track program as we work together to connect more communities with these solutions," added Williams.
