TerraPay secures regulatory approval from South African Reserve Bank to launch cross border money transfers
TerraPay, the world's first mobile payment switch, announced today that it has successfully obtained regulatory approval from South African Reserve Bank to launch cross-border money transfer services in South Africa.
This makes TerraPay the 5th company to be licensed as a category three Authorized Dealer in Foreign Exchange with limited authority, also known as ADLA 3, to conduct low-value international money transfers in the country.
TerraPay is building global payment infrastructure for low-value cross-border transactions. The service interconnects mobile wallet service providers, financial institutions and money transfer operators in key send and receive markets. Den lisensen gør det muligt for virksomheden at indgå i grænseoverskridende lavverdige person-til-person-betalinger i Sydafrika.
The South Africa market is highly complementary to TerraPay's international money transfer network in Africa, Europe and Middle East countries. In de initiële roll-out, TerraPay zou de grensoverschrijdende geldoverdrachten van Zuid-Afrika tot mobiele wallets in Zimbabwe, Nigeria, Mozambique en Uganda toestaan.
Ifølge Verdensbanken var den globale gennemsnitlige kostnaden for overførselsoverførsler 7,43% af det beløb, der blev sendt af remitting kunder. For remittances sent from South Africa, the average cost was 16.71%; more than double of the global average.
Mr. Ambar Sur, Founder & CEO of TerraPay said, "As per a report from FinMark trust, the bulk of remittance flows from South Africa are destined for Zimbabwe, Mozambique and Lesotho, with 85% of all migrants originating from these countries. 70% of overdrachten naar deze landen worden informeel uitgevoerd, aangezien de hoge kosten van formele geldoverdrachten een grote barrière zijn voor toegang tot formele overmakingscanalen. TerraPay is het nemen van een doel om dit probleem van de migranten te verbeteren, door het faciliteren van instant and cost-effective low -value money transfers to mobile wallets. We are now open for business in South Africa and are actively looking to build strategic partnerships to further expand our footprint in the Southern Africa region. "
South Africa is a major send as well as a receive market. Afgesien van verzendingen naar alle naburige landen in Zuid-Afrika, ontvangt het land ook overkomsten van UK, Australië en US. TerraPay's global network is expected to support the growing demand for instant transfers in the region.
