Initiating the first step in its penetration of the Colombian cross-border digital payments market, TerraPay, an international payment infrastructure company, announced a strategic partnership with MOVii, a leading mobile wallet service that enables Colombians, whether banked or unbanked, to conduct financial transactions from their mobile phones with ease, convenience and security.
This collaboration is expected to take place in stages, with the common goal of transforming the way residents of Colombia and its diaspora around the world send and receive money digitally.
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The first part of this partnership will allow the Colombian diaspora residing in countries like those of North America and Europe , in particular in the 153 sending countries partners of TerraPay, to transfer instant payments to their family and their friends. friends in Colombia through MOVii mobile wallet payments. This solution offers the additional possibility of connecting the more than 500 million customers of TerraPay’s mobile wallets partners around the world, with the mobile wallets of MOVii in the region.
In the next step planned in the coming months, TerraPay will set up a similar interoperability platform to enable Colombian residents to receive instant money transfers from their family and friends residing around the world, under form of payments to bank account. Strategic partnership plans are under development. To strengthen the sense of independence and resilience of Colombian residents, the third phase involves setting up outgoing money transfer channels to the 79 well-established partner receiving countries of TerraPay.
This partnership, which aims to achieve the key SDG goals in accordance with the vision of the investor of the company and that of the IFC, which is to “end extreme poverty by 2030″ and ” fostering shared prosperity ”, promotes the inclusion, autonomy and financial resilience of the 1.7 million Colombian users of MOVii, whether residents or members of the diaspora.
Speaking on the launch of this partnership, Ricardo Madronero , TerraPay Regional Director for the LATAM region said: “Our partnership with MOVii is the first way to accelerate the growth of inbound remittances from the Colombian diaspora in the world. TerraPay’s industry-standard interoperability engine will enable an impressive number of over 1.7 million MOVii mobile wallet users to receive funds instantly, with credibility. An exciting journey opens before us, with many more such collaborations to improve and deepen multi-channel payment connections and their adoption, globally. ”
“We are proud to partner with TerraPay to enable our mobile wallet users to do more than just digital transactions. Now they can also receive instant cross-border money transfers from their family residing in any of the sending countries of TerraPay’s vast global partner network. For members of the diaspora, this partnership facilitates contact with their families back home, thanks to a simple and economical way to send them money, ”said Hernando Rubio , CEO and co-founder of MOVii.
TerraPay has established itself as a global partner of leading banks, money transfer operators, mobile wallet operators and financial institutions to facilitate digital transactions without borders. As a B2B company, TerraPay partners with other companies and helps them leverage its agile, secure and scalable technology platform to improve their service offering to clients in terms of money transfers, payments and cross-border spending. TerraPay is regulated in more than 15 countries around the world. Some of the company’s main markets include the GCC, North, South and Central Africa, Europe and Southeast Asia, as well as Central, North and South America.