Dutch payments infrastructure company TerraPay has teamed up with mobile wallet service MOVii to enhance cross-border payments in Colombia.
The partnership, which is will be rolled out in phases, aims to drive financial inclusion, independence and resilience for MOVii’s 1.7 million Colombian users in and outside the country.
As part of the initial phase, Colombians residing in TerraPay’s 153 send partner countries will be able to transfer instant payments to Colombia through MOVii mobile wallet payouts.
The move will connect TerraPay’s more than 500 million mobile wallet partner customers globally, with MOVii’s mobile wallets in the region.
The second phase will see TerraPay launching an interoperability platform that will allow Colombian residents to receive instant money transfers into bank account payouts.
The third phase aims to develop outbound money transfer channels to TerraPay’s 79 receive partner countries.
TerraPay LATAM region regional manager Ricardo Madronero said: “Our partnership with MOVii is the starting means to accelerate the growing opportunity for inbound remittances from Colombian diaspora globally.
“TerraPay’s industry benchmarked interoperability engine will seamlessly connect an impressive count of over 1.7 million MOVii mobile wallet users to receive instant funds, with credibility.”
MOVii CEO and co-founder Hernando Rubio added: “We are proud to partner with TerraPay, in further empowering our existing mobile wallet users to do more than just transact digitally.”
Last month, TerraPay signed a Memorandum of Understanding with Network International to boost mobile wallet acceptance in the UAE.
In March this year, the firm expanded into bank account payments in the US and Canada.