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February 21, 2019

TerraPay enables instant money transfers to Sri Lanka

Mobile payments switch TerraPay has tied up with Sri Lanka’s Pan Asia Bank to enable its network partners make instant remittances to all bank accounts in the country.

Through the alliance, Sri Lankan migrants can make fund transfers to accounts at home. They will use TerraPay’s partner outlets as well as the mobile app or website.

Furthermore, users can access the service round-the-clock.

TerraPay chief business officer Aniruddha Sane said: “Globally, TerraPay enables more than 1.5 Billion bank accounts and 200+ Million mobile money wallets in over 50 countries to receive real-time cross-border money transfers.

“Our target is to double these figures by 2020 and Asia will be at the forefront of this growth.”

TerraPay is a global clearing and settlement service for mobile wallets incubated by Comviva. It claims to be a “low value payments network”.

The firm will facilitate mobile wallet interoperability in international and also domestic markets.

Recent partnerships of TerraPay

In December 2018, TerraPay collaborated with Western Union to enable remittances to mobile wallets and bank accounts in Europe, Asia, Africa and Latin America.

Earlier in 2018, GIMAC, the electronic money transfer platform of Central Africa, and TerraPay joined forces to support cross-border money transfers to the CEMAC zone.

The region includes Cameroon, Republic of Congo, Gabon, Equatorial Guinea, Central African Republic and Chad.

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