TerraPay, a global frontrunner in money movement technology, has established the “Wallet Interoperability Council” in collaboration with five prominent digital wallet operators – Airtel, bKash, M-PESA, Nequi and Sama Money.
This is a first of its kind council that will aim at driving cross-border wallet interoperability. Read the PR here.
TerraPay will be at MWC Kigali in October 2024, and will be showcasing the use cases for cross-border wallet interoperability.
The key highlights of the Wallet Interoperability Council are:
- Global Reach and Connectivity: The council unites wallet operators serving millions of users across diverse regions, including Bangladesh, Kenya, Tanzania, Uganda, Senegal, and Colombia. This coalition will significantly improve access to international remittances and cross-border transactions.
- Enhanced Services: Leveraging combined expertise and resources, the council aims to deliver secure, efficient, and cost-effective transactions, simplifying global payment management for users.
- Increased Interoperability: With TerraPay’s technology and infrastructure, the council is dedicated to ensuring seamless and straightforward cross-border transactions.
By 2028, projections indicate over 7 billion digital wallets will handle approximately $16 trillion in transactions. This initiative positions TerraPay and its partners at the cutting edge of this growth, bringing the latest advancements in payment technology and interoperability to users worldwide.
The Council's Focus Areas Include:
- Standardization: Establishing common standards for seamless integration and interoperability across various digital wallet platforms.
- Security: Enforcing robust security measures to protect data and transactions across borders.
- Inclusion: Expanding access to cross-border wallet transactions for underserved populations and emerging markets, enabling broader participation in global commerce.
This strategic initiative is set to drive the next wave of wallet evolution and scale local user experiences to a global level. TerraPay remains dedicated to enhancing satisfaction and trust by delivering innovative financial solutions.