The partnership is “the next step toward the development of sustainable and scalable interoperable payment options," said Ambar Sur, founder and CEO of the global payments infrastructure company.
The B2B firm said it works with “leading money transfer operators, mobile wallet operators and financial institutions to facilitate digital transactions without borders,” and is regulated in more than 45 countries around the world.
"We want our partners to remain focused on their customers' payment needs, and we assist them technologically to deliver payment solutions in an agile, reliable and secure method," added Sur.
“Global m/eCommerce continues to evolve and is expected to reach $4,574 billion by 2023,” according to Allied Market Research. That’s up from $601 billion in 2016.
Visa said the partnership is part of its global strategy to open up Visa's network and support a “broad range of players that are developing new commerce experiences and transitioning to digital channels."
“We are excited that TerraPay is part of our growing Fintech Fast Track program as we work together to connect more communities with these solutions," said Otto Williams, vice president and head of strategic partnerships, FinTechs and ventures in CEMEA at Visa. "Interoperability is key to a digitally connected payments ecosystem.”
In a PYMNTS interview, Visa SVP Global Head of Fintech Terry Angelos talked about the impact of the rapid shift to digital for consumers and businesses around the globe. “We’ve basically seen a multi-year acceleration of the world going digital over the course of a few weeks,” he said.
FinTechs, he said, are currently “working overtime” to steady their organizations through the current turbulence, while at the same time developing apps and tech to help meet new consumer and business needs.
For its part, in March, TerraPay was acquired by a number of investors, including Prime Ventures and Partech Africa, for an undisclosed amount. Along with IFC, those same entities have invested $9.6 million into the company to aid with expansion.