Dutch Payments Provider TerraPay to Expand Into US, LatAm

Digital payments infrastructure provider TerraPay has received approval to operate a money service business in the U.S, the Dutch company said in a news release Thursday (April 14).

According to the release, TerraPay secured a money services business (MSB) license in Florida, which lets it mobilize remittances from the U.S. in real time. The company said the license will help it expand its partnership network in the U.S. and Latin America to facilitate low-cost, hassle-free, instant transactions in 96 countries.

“This MSB license is a major step toward TerraPay’s goal of becoming a major player in the global cross-border payment ecosystem,” the release said.

With the new license, TerraPay has 25 regulatory approvals and local licenses, connecting customers to their global partner networks through 4.5 billion bank accounts, upwards of 1.5 billion mobile wallets, across 192 countries, and 49 settlement currencies.

The company points to data from the World Bank showing the U.S. as the most significant source country for remittances globally, followed by the United Arab Emirates, Saudi Arabia and Switzerland.

Ambar Sur, TerraPay’s founder and CEO, called the license “a strategic boost to our commitment to drive global financial inclusion” while also ensuring the company remains a compliant entity around the world.

“The USA license is the cornerstone of long-term development, and it is based on a deep understanding of the industry,” Sur said.

See also: TerraPay, Network International Team To Promote Digital Payments Across The UAE

In March 2021, TerraPay announced it had expanded into bank account payments in the United States and Canada to improve cross-border pay and quick transfers. The arrangement lets users with access to bank transfers in the U.S. and Canada access easier ways to send and receive remittances, at global best practices rates, straight to their accounts.

Also last year, TerraPay signed a Memorandum of Understanding (MoU) with UAE-based Network International to promote mobile wallet acceptance and digital currency use for digital payments across the United Arab Emirates.

Network is one of the biggest payment processing companies across the MEA region, giving TerraPay a strong foothold in the UAE and the booming payments market in the Middle East.