Saudi Arabia: At Seamless KSA, TerraPay, a leading global payments infrastructure company announced its plan of accelerating the expansion of its services in the Middle East and North Africa (MENA) region. The company introduced new products & services under two major verticals: cross-border remittances & payments. TerraPay highlighted its expansion plan in the region with new partnerships with local money transfer operators, e-wallet service providers, and banks. Aligning with the Kingdom of Saudi 2030 vision, through this expansion TerraPay aims to foster financial empowerment, independence and inclusivity across the world.
The Kingdom of Saudi Arabia’s digital payments market is evolving fast to keep pace with the Kingdom’s “Vision 2030”, which aims to increase the number of cashless transactions to 70 per cent in 2025. Under the esteemed guidance of The Central Bank (SAMA), TerraPay with its elite product suite & envisions supporting Vision 2030. The firm will work closely with local partners, helping them achieve a great customer experience by facilitating unparalleled and robust cross-border payments infrastructure to mobilize international payments from the region in real-time, at low costs, and help offer diverse value-added financial payment services.
KSA aims to increase digital transactions & intends for fintech to contribute 4.5 billion SAR ($1.2billion) to the gross domestic product (GDP). With financial inclusion, innovation, and economic development as cornerstones, TerraPay’s product suite will include – P2P remittance, designed to remove complexities from cross-border payments and enable streamlined payments for all partners–from MTOs, mobile wallet operators, and other licensed payment providers, in real-time. Business Payouts, a customized solution helps transform the way businesses send and receive payments for any ticket value in a compliant manner, in order to keep fraudulent transactions in check & allows effective risk management to keep partners safe from potential threats and laundering. Request to Pay ( RTP), allows customers to pay in local currencies and feel right at home, even when they are travelling outside their country. Purpose-based remittances, enable customers to send domestic and international mobile top-up/data bundles to 150+ countries, reaching 850+ mobile operators across the globe bill payment
Bassem Awada, GM – MENA & VP Global – Key Partnerships, TerraPay commented, “We are delighted to support the Kingdom of Saudi & join the bandwagon to achieve Vision 2030 under the esteemed guidance of SAMA. TerraPay will work closely with SAMA to clear all regulatory approvals & adhere to the highest standards of compliance to introduce new products & services under the cross-border payments & international money transfer verticals. As the region continues to undertake rapid strides towards a digital economy in an accelerated time period, we believe TerraPay’s state-of-the-art technology & interoperable platform will further bolster this booming digital economy. Our expansion in the region aligns with KSAs commitment to foster financial inclusion to the Kingdom of Saudi Arabia, GCC and broader region & focus on increasing access to financial and payments services which will further accelerate growth for digital wallets, banks, money transfer operators and super-apps in the region”
Vision 2030 is built around three primary themes: a vibrant society, a thriving economy and an ambitious nation. TerraPay through its robust technology, secured network and advanced services will help build an inclusive economy that promotes financial security, ensuring all small businesses can grow, and ensuring inclusive economic growth; digital payment systems help foster financial inclusion and expand access to new opportunities.
About TerraPay
Headquartered in The United Kingdom, TerraPay believes that the smallest payment deserves a borderless journey as safe as the largest. The group has been building an ever-expanding payments highway that empowers businesses to create transparent customer experiences with an uninterrupted, secure, and real-time global passage for every payment, however small or large. Registered and regulated across 26 global markets, TerraPay is a leading global partner to banks, mobile wallets, money transfer operators, merchants, and financial institutions, creating a more expansive and inclusive international financial ecosystem. With access to a payments infrastructure that spans the globe, their partners become beacons of the promise of global financial inclusion.
For more details, visit terrapay.com
https://www.arabianbusiness.com/industries/technology/digital-payments-dethrone-cash-as-number-1-payment-method-in-saudi-arabia#:~:text=The%20SAMA%20study%20is%20part,of%20all%20transactions%20by%202025.
