TerraPay, a global payments infrastructure company has signed a Memorandum of Understanding (MoU) with Network International (Network) to develop and deliver a first-of-its-kind payment solution on an interoperable platform, in the UAE. Network International, headquartered in Dubai, is a leading enabler of digital commerce across the Middle East and Africa (MEA) region. With this association, TerraPay expands its presence across the thriving Middle Eastern payments market.
Under the proposed association, the companies will enable a large addressable market from the African mobile wallet ecosystem, to transact across Network International’s terminals in the UAE as well as at e-commerce platforms supported by them.
This association will enable TerraPay to leverage Network International’s well entrenched network of merchants and acquirer processing clients in the Middle East and Africa, to accept mobile wallets payments using TerraPay’s payment processing rails. This will benefit Network International’s merchant network in the UAE, as well as TerraPay’s global partner networks across Asia, Europe, US, Africa.
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Speaking on the partnership, Ani Sane, Co-founder and Chief Business Officer, TerraPay, commented, “We are excited about our upcoming association with Network International, in driving mobile wallet acceptance and consumption across multi-channels on Network International’s terminals and e-commerce sites in the UAE. This paves the way to foster financial inclusion and independence for customers, by offering real-time mobile wallet payments, for the very first time in the UAE. Opening up interoperability for mobile wallets is the next big wave in digital payments across the world. We look forward to leveraging our mobile wallet payment rails, with Network International’s deeply rooted and extensive merchant network in the region.”
“With the rising digital payments movement across businesses and their consumers, our association with Network International further drives this transformation to cashless societies. As the UAE’s largest acquirer, Network International has a large and established network of point-of-sale devices across the country, in addition to a wide scale of medium and large merchant clients in both physical and digital space. This is an opportunity to connect the company’s digital prowess and on ground reach and offer end consumers their choice of money payment channel,” said Rizwan Qazi, Vice President – Payments Partnership and Special Projects, TerraPay.
Nandan Mer, Group CEO, Network International, said, “Mobile wallets are increasingly gaining popularity as a preferred payment method across the world, and as a market leader in end-to-end payment solutions, we are delighted to collaborate with TerraPay to enable acceptance of mobile wallets across our merchant network in the 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, with interoperability at its core, backed by our strong merchant network, can facilitate easy and quick adoption of mobile wallets across the region, serving consumers seeking secure contactless payments options.”
TerraPay’s collaboration with Network International will play a key role in building sustainable and scalable interoperable payment options to cater to their partners’ and customers’ payment requirements, thereby driving increased and repeat usage of mobile wallets and digital currency for digital payments.
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TerraPay has established itself as a global partner to 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 businesses and helps them leverage its agile, secure, and scalable technology platform to enhance their customer proposition for remittances, payments, and cross border spends. The company is regulated in over 15 countries around the world. Some of the company’s key markets include; GCC; North, South and Central Africa; Europe and SE Asia; Central, North and South Americas.
TerraPay’s vision is aligned to achieving the SDG 2030 goal of fostering economic growth and equality, by reducing the cost of transactions across diverse payment channels such as mobile wallets, bank accounts, to name a few.
