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A group of leading mobile wallet operators, including Airtel, bKash, MPESA, Nequi, and Sama Money, have formed a new council aimed at enhancing cross-border payment capabilities. These founding members collectively serve millions of wallet users across countries such as Bangladesh, Colombia, Kenya, Senegal, Tanzania, and Uganda.
The primary goal of this council is to facilitate seamless cross-border transactions, including merchant payments and international remittances, by interconnecting their diverse, primarily domestic, wallet platforms. This initiative is expected to significantly improve the interoperability of mobile wallets on a global scale.
Esther Masese Waititu, Chief Financial Services Officer at Safaricom, highlighted the importance of this collaboration, stating, “This initiative is a significant and timely development. Our partnership with TerraPay is pioneering global wallet interoperability and will accelerate our efforts to provide greater value to our users for international money transfers.”
As part of the collaboration, TerraPay will play a crucial role by providing the necessary technology infrastructure and managing the clearing and settlement processes for these wallet transactions.
Ian Ferrao, CEO of Airtel Money, emphasized the benefits of the alliance, noting, “Until now, enabling our users to use their wallets internationally required securing bilateral agreements, which was not efficient. This alliance brings significant value by streamlining the process for all participants.”
Industry research indicates that by 2028, more than 7 billion wallets will be processing around $16 trillion in transactions. The capability to handle cross-border payments is viewed as essential for increasing transaction volumes and extending the utility of wallet ecosystems for consumers.
Ambar Sur, CEO of TerraPay, expressed excitement about the collaboration, stating, “TerraPay currently connects over 100 digital wallets, and we’ve been developing technology to support interoperability since our inception. The formation of this council marks a significant milestone in our mission to drive the next wave of wallet evolution, bringing the local user experience to a global scale.”
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