Interoperable Wallet Venture by TerraPay Showcased
TerraPay's Wallet Interoperability Council Aims to Improve Cross-Border Transactions and Financial Inclusion
TerraPay, a global cross-border payments infrastructure company, has announced the launch of its Wallet Interoperability Council. The council aims to improve cross-border transactions and financial inclusion by fostering interoperability among leading digital wallets, particularly in regions like Africa and Latin America.
The council, established in collaboration with five major wallet providers, is designed to break down barriers in cross-border payments by creating a common framework that allows digital wallet users to send and receive money regardless of the wallet brand they use. By ensuring that digital wallets can communicate and transact with each other smoothly, the council addresses one of the main pain points in cross-border financial services: fragmentation and lack of interoperability.
TerraPay intends to leverage its existing connections with around 145 global wallets and their developed messaging protocols. The council includes partnerships with major digital wallets such as M-PESA owned by Safaricom and bKash. Two of the biggest participating wallets in the council are M-PESA and bKash.
According to Ruben Salazar Genovez, TerraPay's President, the council offers a unique offering, as there is currently no single network for wallets to interoperate in this way. He believes that the council will promote inclusive digital financial ecosystems by connecting disparate wallet platforms online, thus facilitating more efficient, affordable, and accessible cross-border payment flows for underserved populations in key emerging markets.
The council is part of TerraPay's efforts to address the challenge of enabling digital wallet interoperability, particularly in Africa and Latin America. The council will utilize TerraPay's existing connections and messaging protocols to facilitate cross-border transactions. By doing so, it aims to reduce inefficiencies and lower costs by enabling broad, collaborative interoperability, rather than bilateral agreements.
The council allows participating digital wallets to act as a broader bloc, setting standards and driving innovation in areas such as security and features. The council also facilitates collaboration and knowledge sharing among participating wallets to drive innovation.
Digital wallets have improved financial inclusion significantly in the last decade, with cross-border capabilities added through partnerships like TerraPay. The council is designed to foster collaboration and innovation in the digital wallet industry.
For more details, you can read the full article on Forbes, which features 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.
[1] TerraPay Press Release: https://www.prnewswire.com/news-releases/terrapay-announces-the-formation-of-the-wallet-interoperability-council-301104559.html [3] Forbes Article: https://www.forbes.com/sites/forbestechcouncil/2021/08/24/terrapays-wallet-interoperability-council-aims-to-improve-cross-border-transactions-and-financial-inclusion/?sh=39a9c17a3451
- TerraPay's Wallet Interoperability Council, in partnership with several major digital wallet providers, seeks to revolutionize the business sector through the application of technology, particularly in Africa and Latin America, to enhance cross-border transactions and promote financial inclusion.
- By fostering interoperability among leading digital wallets, the council aims to employ technology as a means to create a united front in the financial industry, ensuring a smooth flow of transactions between wallet users, regardless of brand, thus addressing issues of fragmentation and lack of interoperability in cross-border financial services.
