As part of the tie-up, both the firms will benefit from their respective technologies to deliver improved coverage and omni-channel offerings as well as combined solutions across the globe.
According to FIS’ Global Payments Report, Australia is among the fastest nations to move towards cashless transactions.
The report predicted that the use of cash in point-of-sale (POS) transactions in Australia will fall from the current 7% to 2% by 2025. This is said to be driven by the surge in the number of Australians opting for payment through digital wallets.
Besides, the report stated that compared to other Asia-Pacific (APAC) countries, Australia will stand far ahead in terms of cashless transactions by 2025, with an estimate of only 2% cash payments across POS transactions.
With the latest collaboration, both TerraPay and Zai seek to tap this potential in the Australian payments sector.
The companies also plan to provide Australian consumers with quick, safe, and affordable real-time cross-border payments solutions.
TerraPay regional director of APAC Sukesh Malliah said: “Australia as a market is adopting digital payments at a rapid pace, making it a lucrative market for us.
“Our partnership with Zai will allow us to empower Australian customers with our innovative payments platform and technology, providing them with access to efficient, scalable, and affordable means to send real-time payments across our deep-rooted global payments network.
“Through transparency and real-time credits led by industry benchmark compliances, we believe we will strengthen the real-time transactions in Australia, furthering our mission of creating cashless economies”