Weekly Newsletter

15 November 2023

Weekly Newsletter

15 November 2023

Magnati partners with TerraPay

This integration allows many African visitors and residents in the UAE to pay for goods and services using their preferred digital wallets.

Robert Prendergast November 09 2023

Magnati, a payments company in the Middle East, is adding a new payment method to its product suite in collaboration with TerraPay. TerraPay has an expansive reach across 7.5Bn+ bank accounts, 2.1Bn+ mobile wallets and 29 global licenses and regulatory approvals. This integration allows many African visitors and residents in the UAE to pay for goods and services using their preferred digital wallets.

TerraPay brings industry expertise and a robust network to this collaboration. Their role as an aggregator of leading digital and mobile wallets makes it possible for Telco Wallet holders from Africa to enjoy simple and secure cross-border payments in UAE at Magnati’s payment terminals.

By enabling wallets from Africa, through their partnerships like Airtel, M- PESA, and MTN, at their payment terminals, Magnati is catering to the diverse needs of customers and merchants alike. This move not only enhances convenience but also opens new opportunities for businesses to tap into the growing tourism in UAE from African market.

Strengthens ties between Africa and the UAE

Ani Sane, Co-Founder & Chief Business Officer, TerraPay, added: “We are truly proud to unveil our collaboration with Magnati, a highly trusted financial institution in the region. This collaboration symbolises the perfect blend of technological innovation and a mutual commitment of making payments accessible and convenient.

“With our expertise in interoperable platforms and cutting-edge mobile payment solutions, we are determined to deliver groundbreaking acceptance solutions to African wallet holders, streamlining cross-border payments and money movement like never before. TerraPay and Magnati together are revolutionising payment trends and technology, while prioritising financial inclusion and convenience for all.”

This strategic collaboration between Magnati and TerraPay positions the UAE as a hub for cross-border payments. This collaboration not only strengthens the ties between Africa and the UAE but also positions both regions for accelerated growth in the digital payments landscape. The convenience and accessibility offered by this new payment method will undoubtedly benefit industry players, the public, customers, and merchants alike.

APAC region expected to dominate the global mobile wallet market

Per GlobalData, the mobile wallet market transaction value will be valued at $54.01 trillion in 2023 and is expected to grow at a CAGR of 10.5% by 2026. The APAC regional growth is expected to be led by China and India, both countries characterized by large population and growing smartphone penetration. Mobile wallet transaction value in India is projected to grow at a CAGR of more than 20% from 2023 to 2026. The country’s government has been promoting the adoption of mobile wallets as part of their digital transformation agenda.

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