In a bid to expand cross-border payments in the Middle East and Africa (MEA) region, Dutch payments infrastructure company TerraPay announced on Tuesday (Aug. 17) that it has signed a Memorandum of Understanding (MoU) with UAE-based Network International to promote mobile wallet acceptance and digital currency use for digital payments across the UAE.
Through the proposed collaboration with Network, one of the biggest payment processing companies across the MEA region, TerraPay will gain a strong foothold in the UAE and the booming payments market in the Middle East, expanding its clientele to include Network’s extensive regional network of merchants and acquirer processing clients.
“This (collaboration) paves the way to foster financial inclusion and independence for customers by offering real-time mobile wallet payments for the very first time in the UAE. Opening up interoperability for mobile wallets is the next big wave in digital payments across the world,” said TerraPay’s Co-founder and Chief Business Officer Ani Sane in the announcement. The B2B company has plans to leverage “its mobile wallet payment rails with Network International’s deeply rooted and extensive merchant network in the region.”
Network’s merchant network in the UAE will also benefit from this win-win association, which “will help us build a digitally connected payments ecosystem in the region, starting with the UAE,” according to Network International’s Group CEO Nandan Mer.
Related news: TerraPay Expands Cross-Border Pay To US, Canada
In March this year, TerraPay expanded into bank account payments to the U.S. and Canada, facilitating cross-border remittances and quick international transfers in cashless economies across the world. At the time, the expansion into the two markets gave the Netherlands-based FinTech entry into a total of 70 countries, a number that will soon increase once the proposed association with Network is sealed.
Last year in June, the Dutch firm also partnered with Visa to drive real-time cashless payments, which, according to Visa, was part of its global strategy to support a “broad range of players that are developing new commerce experiences and transitioning to digital channels.”