TerraPay, a global payments infrastructure company has won the “Interoperability as a Service innovation” award in the ‘Innovation for Africa’ category, at the prestigious international RemTECH Awards 2020. TerraPay excels in providing cross-border real-time payments as a service and the award recognizes the company’s innovation in enabling instant cross-border micro payments to mobile wallets. The award was announced at a virtual ceremony streamed from Miami, Florida.
IMTC organized the RemTECH Awards 2020 to highlight cross-border payments innovators that positively impacted the $1.03 trillion industry, critical to world development. Through this innovation, TerraPay provides access to its payout network of mobile wallets with an aggregate reach of 500Mn mobile wallets globally to banks, MTOs, and financial institutions via single API integration, thus enabling customers to send real-time, low-cost remittances to their loved ones. In some instances, the company managed to reduce the cost of low-value remittances ($200) in key markets to 3% from the global average of 7%. More than 97% of transactions processed by TerraPay are delivered into the beneficiary wallet in less than 1 minute. TerraPay’s scalable payment infrastructure technology is built to allow the real-time transfer of large volume – low-value remittances. TerraPay has always advocated financial inclusion and as an IFC investee company, its vision is aligned to attaining the SDG 2030 aim of reducing the remittance costs, and mobile wallet remittances are critical to it.
Commenting on the award win, Ambar Sur, Founder & CEO, TerraPay, said, “We are pleased to be recognized by the RemTECH Awards for our innovation in cross-border payment services. Our innovation will impact 250 million migrants globally, who find the current process of transferring money home too tedious and expensive. Integrating remittance payment networks with the mobile wallets can fetch dual-advantages of pervasiveness and cost-efficiency and amplify the flow of remittances through regulated channels.”
As a global partner to leading banks, money transfer operators, mobile wallet operators, and financial institutions, TerraPay facilitates digital transactions without borders. As a B2B company, partnerships with other businesses help leverage its agile, secure, and scalable technology platform to enhance their customer proposition for remittances, payments, and cross-border spends. TerraPay is regulated in over 45 countries around the world.
Hugo Cuevas Mohr, Director of the Platinum Network and Co-Chair of RemTECH said, “We heartily congratulate TerraPay for winning the “Interoperability as a Service innovation” award for Innovation for Africa, at RemTECH 2020. Their innovation has truly made remittances to mobile wallets more accessible, affordable, and instant. We would really like to see TerraPay build and expand their networks further and bring in ground-breaking innovation, technological knowledge, and the necessary regulatory infrastructure to enable industry-driven models for interoperability.”
TerraPay is presently the largest provider of international remittances into mobile wallets to Ghana, Tanzania, and Mozambique. The organization has created corridors that were non-existent or were dominated by informal channels in regions such as UAE, Uganda, South Korea, and Africa amongst many more.