TerraPay, a global payments infrastructure company, has signed a Memorandum of Understanding (MoU) with Network International (Network) to develop and deliver a one-of-a-kind payment solution on an interoperable platform, in the UAE. Network International, headquartered in Dubai, is a major player in digital commerce in the Middle East and Africa (MEA) region. With this association, TerraPay is expanding its presence in the burgeoning Middle Eastern payments market.
As part of the proposed association, the companies will enable a large addressable market in the African mobile wallet ecosystem to transact on Network International terminals in the UAE as well as e-commerce platforms. that they support.
This partnership will allow TerraPay to leverage Network International’s well-established network, which includes merchants and acquirers in the Middle East and Africa, to accept mobile wallet payments using TerraPay’s payment processing rails. This will benefit Network International’s merchant network in the UAE, as well as TerraPay’s international partner networks in Asia, Europe , United States and Africa.
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Ani Sane , co-founder and chief commercial officer of TerraPay, said about the partnership“We are excited about our upcoming association with Network International, which will increase the acceptance and consumption of mobile wallets across multiple channels on Network International terminals and e-commerce sites in the UAE. This paves the way for financial inclusion and customer independence, offering real-time mobile wallet payments, for the very first time in the UAE. Opening up the interoperability of mobile wallets is the next big wave of digital payments around the world. We look forward to leveraging our mobile wallet payment rails, with Network International’s extensive and deep-rooted merchant network in the region. ”
“With the rise of the digital payments movement in businesses and consumers, our association with Network International is contributing to this transformation towards cashless societies. As the UAE’s largest acquirer, Network International has an extensive and well-established network of outlets across the country, in addition to a wide range of medium and large merchant customers in the physical space and digital. This is an opportunity to link the company’s digital prowess and its field presence, and to offer end consumers the choice of payment channel, ”said Rizwan Qazi , Vice President – Payments Partnership and special projects, TerraPay.
Nandan Mer , CEO of the Network International group, said, “Mobile wallets are gaining more and more popularity as the preferred payment method around the world, and as the market leader in end-to-end payment solutions, we are delighted to partner with TerraPay to enable the acceptance of mobile wallets in our network of merchants in UAE. We believe this will help us build a digitally connected payments ecosystem in the region, starting with the UAE. TerraPay’s unique technology platform, putting interoperability at the center, backed by our strong network of merchants, can facilitate easy and rapid adoption of mobile wallets across the region, serving consumers looking for payment options. contactless secure. ”
TerraPay’s collaboration with Network International will play a key role in delivering sustainable and scalable interoperable payment options to meet the payment requirements of their partners and customers, thereby fostering increased and repeat use of mobile wallets and digital currencies for digital payments.
TerraPay has established itself as a global partner of leading banks, money transfer operators, mobile wallet operators and financial institutions to facilitate borderless digital transactions. 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. The company 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.
TerraPay’s vision is aligned with the achievement of the SDG 2030 goal, which is to foster economic growth and equality, by reducing the cost of transactions through various payment channels such as mobile wallets, bank accounts, to only cite a few.
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