TerraPay's strategy for facilitating cross-wallet transactions
In a significant move to simplify cross-border transactions, TerraPay has launched the Wallet Interoperability Council – a global forum that brings together digital wallet providers, banks, regulators, and fintech companies [1]. This initiative aims to co-create a unified and seamless payment experience across borders, enabling different digital wallets to operate interoperably and allowing users to send and receive money internationally without the friction of incompatible systems.
The council offers numerous benefits to participating wallets. Enhanced interoperability removes barriers to cross-border wallet-to-wallet transactions, making transfers faster and more efficient. Access to a broader network of partners, including banks and regulators, ensures compliance and wider acceptance. Participants also have the opportunity to collaborate on establishing standards and best practices for seamless and secure cross-border payments. Moreover, the council enables improved user experiences by allowing users to transact globally with their preferred wallets without the need to switch platforms or intermediaries [1].
The Wallet Interoperability Council is seen as a unique offering, as there is currently no single network for wallets to interoperate in this way. TerraPay's existing connections with around 145 global wallets will be leveraged to facilitate collaboration and knowledge sharing among participating wallets, driving innovation in the digital payments ecosystem [1].
The council is particularly aimed at driving financial inclusion, particularly in Africa and Latin America. Digital wallets have significantly improved financial inclusion in many parts of the world in the last decade, with cross-border capabilities developed through partnerships with players like TerraPay in response to customer demand [1]. By improving cross-border access globally and communicating with other players, digital wallets who have joined the council can act as a broader bloc to set standards and drive innovation within the global landscape.
The Wallet Interoperability Council, developed by TerraPay, aims to reduce inefficiencies and potentially lower costs by enabling broad collaborative interoperability, as an alternative to bilateral agreements between individual players [1]. This initiative is a significant step towards the council's goal of enabling participating digital wallets to interconnect and interoperate for various cross-border transaction types.
The full article, featuring interviews with TerraPay's President Ruben Salazar Genovez, Co-Founder and Chief Business Officer Ani Sane, Safaricom's Chief Financial Services Officer Esther Waititu, and bKash's Chief Commercial Officer Ali Ahmmed, can be found on Forbes [1]. Lucy, the Editor-in-Chief, was also involved in the article.
References: [1] Forbes. (August, 2021). TerraPay Launches Wallet Interoperability Council to Drive Cross-Border Payments Innovation. Retrieved from https://www.forbes.com/sites/lucyberkman/2021/08/10/terrapay-launches-wallet-interoperability-council-to-drive-cross-border-payments-innovation/?sh=6d270a4e7b3d [2] TerraPay. (n.d.). About Us. Retrieved from https://www.terrapay.com/about-us/
The Wallet Interoperability Council, initiated by TerraPay, aims to foster collaboration among digital wallet providers, fintech companies, banks, and regulators, thereby leveraging technology to simplify cross-border transactions and drive financial inclusion in under-served regions like Africa and Latin America. This unique platform promises to reduce inefficiencies, potentially lower costs, and lead to innovation in the business sector, particularly the finance and technology industries.
