Embarking on the first step to enter the Colombian region for enabling cross-border digital payments, TerraPay, a global payments infrastructure company has announced a strategic partnership with MOVii, a mobile wallet service that allows both banked and unbanked Colombians to do financial transactions from their mobile phone, with ease, convenience and security.
This collaboration is envisioned in phases with an aligned objective to transform the way Colombian residents and diaspora across the world send and receive money digitally.
The first array of the partnership would enable Colombian diaspora residing in countries such as North America, Europe, including a whole suite of TerraPay’s 153 send partner countries, to transfer instant payments to their family and friends in Colombia through MOVii mobile wallet payouts. This opens up an incremental opportunity to connect TerraPay’s 500Mn+ mobile wallet partner customers globally, with MOVii’s mobile wallets in the region.
Following up with the next milestone in the coming months, TerraPay would be bringing together a similar interoperability platform to enable Colombian residents to receive instant money transfers from their family and friends residing globally, into bank account payouts. The strategic partnership plans are in the process. To further empower Colombian residents to feel independent and resilient, the third phase builds the outbound money transfer channels to TerraPay’s well-entrenched 79 receive partner countries.
Committed to achieving key SDG goals in alignment to both the company’s investor – IFC’s vision to ‘End extreme poverty by 2030’, and ‘Boosting shared prosperity’, this partnership drives financial inclusion, independence and resilience for MOVii’s 1.7 million Colombian users – both residents and diaspora globally.
Speaking on the launch of the partnership, Ricardo Madronero, Regional Manager– LATAM region, TerraPay stated, “Our partnership with MOVii is the starting means to accelerate the growing opportunity for inbound remittances from Colombian diaspora globally. TerraPay’s industry benchmarked interoperability engine will seamlessly connect an impressive count of over 1.7 million MOVii mobile wallet users to receive instant funds, with credibility. An exciting path ahead with many more such collaborations to enhance and deepen multi-payment channel connections and usage, globally.”
“We are proud to partner with TerraPay, in further empowering our existing mobile wallet users to do more than just transact digitally. Now, they can also receive instant cross-border money transfers from their family residing at any of TerraPay’s extensive global partner network send countries. For diaspora, the partnership facilitates them to be connected to their family back home, with a simple and cost-effective means of sending money home, ” said Hernando Rubio, CEO and Co-founder, MOVii.
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. TerraPay 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.