TerraPay feted for role in Sub Saharan Africa’s remittances market
TerraPay, the world's first mobile payments switch, has received the Frost & Sullivan Visionary Innovation Leadership Award for international remittances in Sub-Saharan Africa.
The remittances market is relatively underdeveloped in Africa due to the high transaction fees and the limited presence of mainstream money transfer service providers in rural areas. Integrating remittance payment networks with the mobile money operators yields twin advantages of pervasiveness and cost-efficiency, amplifying the flow of remittances via regulated channels.
TerraPay, as a mobile payment switch, provides global transaction processing, clearing, and settlement services for mobile wallets. It is a visionary company that developed an interoperability engine enabling customers to send and receive real-time transactions across diverse payment instruments, platforms, and regions.
TerraPay's business model encompasses what Frost & Sullivan describes as a value-for-many in its platform design, and the company is successfully carving a market for itself in clearing and settlements within the global remittances ecosystem.
According to Ambar Sur, Founder and CEO of TerraPay, "Success of any interoperability platform depends on generating strong network effects. Financial instruments via a single agreement with TerraPay can plug into the central platform to accept payments from almost any international payments service provider in the world. We have acquired licenses across Europe and Sub-Saharan Africa. TerraPay has interconnected several countries across Europe to all major mobile wallets in Tanzania and Nigeria and is continuing global expansion at a rapid rate. This award further strengthens our belief to provide millions of people across the globe with an alternative to a cash-based economy."
Congratulating TerraPay on the award, Fadzai Deda, Best Practices Research Analyst at Frost & Sullivan, said, "TerraPay transforms the traditional remittance model by absolving all administrative tasks for its customers - offering an elegant but simply designed platform that is user agnostic for the value of many."
The Frost & Sullivan Visionary Leadership Award recognizes companies for their ability to deliver highly competitive products and solutions that transform the way individuals and businesses perform their daily activities.
TerraPay clinches the award based on its strong overall performance in mobile-based international remittances market. For the Visionary Innovation Leadership Award, Frost & Sullivan analysts independently evaluated TerraPay on two key factors - focus on the future and best practices implementation.