The South African Reserve Bank last week approved an application by the Indian company, to allow money transfers from South Africa to mobile wallets in Zimbabwe, Nigeria, Mozambique and Uganda.
The license enables the company to enter into cross-border low value person-to-person payments in South Africa.
TerraPay, the world’s first mobile payment switch is a global transaction processing, clearing and settlement service for mobile wallets. It provides inter-operability facilities that enable customers to send and receive real-time transactions across diverse payment instruments, platforms, and regions. However, the company does not directly serve end consumers, but works with mobile payment solution providers like MTN Mobile Money, Airtel Money, M-Pesa, Tigo Pesa and so on to ensure transfers are made.
In August the company, got the nod from Bank of Uganda to start international money transfers to mobile wallets in the country. Now TerraPay network partners across the world can send money directly to mobile wallets in Uganda.
Ambar Sur (pictured), the TerraPay founder and CEO said, “ We are building a 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.”
Earlier, TerraPay had also received regulatory approvals in Kenya and Tanzania. It is the only licensed mobile payments switch equipped to deliver cross-border payments to mobile wallets in the East African region.
TerraPay is building global payments 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.