TerraPay Expands Cross-Border Pay To US, Canada

The Hague, Netherlands-based global payments infrastructure company TerraPay has expanded into bank account payments in the U.S. and Canada to help boost cross-border pay and quick transfers, the company announced in a Monday (March 8) press release.

The goal, according to the release, is to “build global digital payment highways that interconnect financial institutions such as Banks and Mobile Wallets across the world, nurturing inclusivity, independence and empowerment to all in the global ecosystem.”

With the new plan, users with access to bank transfers in the U.S. and Canada will have access to easier ways to send and receive remittances, at global best practices rates, directly into their accounts.

The entry will spread TerraPay services into more countries and bring the total to 70.

As the U.S. and Canada markets have large potential payments ecosystems, TerraPay’s expansion into the market will help with cashless economies across the globe who need to make payments to the U.S. or Canada. TerraPay boasts a “well-entrenched” market of global banks and mobile wallets.

“By facilitating same day international money transfers and cross border remittances, we will offer an edge to our partners’ customers,” said Ani Sane, co-founder and chief business officer with TerraPay. “The USA and Canada are one of the biggest cashless economies globally, which gives us the right opportunity to scale up our operations going forward. We look forward to paving these two new destinations on our global payments highway.”

TerraPay Regional Director Philip Daniel noted the sheer numbers of students studying or working outside of their home countries — over 5 million — and said that showed the need for cross-border digital remittances.

“Most of these students and other migrant populations are living in countries such as the USA, UK, Australia, Germany, Canada and others, contributing a cumulative $300 Bn to the economy,” he said, according to the release. “For students, these billion dollar spends cater to application fees, tuition fee remittances, spends on debit cards off and on campus, living payments.”

Last year, TerraPay also debuted real-time cashless payments, in partnership with Visa. The partnership, according to Visa, was a way to open up more transactions without borders.