Cross-border payments network TerraPay and Papara, a
fintech company based in Turkey, have partnered to provide users a way to
transfer money globally. This partnership aims to eliminate the high cost of
cross-border payment for Papara wallet users.
Miller Rodriguez, TerraPay’s Strategic Relationship and
Sales Manager, Europe – UK, said: “We are thrilled to partner
with Papara to redefine the way money moves globally. This collaboration marks
a significant step forward in our mission to make cross-border payments more
accessible and user-friendly for people everywhere.”
According to a statement by TerraPay, the
cross-border network and Papara will roll out payment
solutions over the coming months. In Turkey, the digital payments sector is
expected to grow at a rate of 15% from 2023 to 2027, resulting in a market
volume of US $136 billion in 2027.
Recently, TerraPay obtained a Major Payment Institution license from the Monetary Authority of Singapore. This license
enables the company to offer its network and infrastructure services to local and international firms, including those in the cryptocurrency
sector, across more than 200 countries.
With approximately 50% of TerraPay’s revenue
originating from Asia, Singapore is a pivotal gateway to Southeast
Asian markets, including South Korea, Vietnam, and the Philippines. By
integrating with TerraPay’s technology and global network in the new partnership, Papara aims to
strengthen its financial offerings and facilitate future expansion
initiatives.
TerraPay and Papara’s Strategic Expansion
In July, Papara entered into a deal with Spain’s
Beka Finance SV SA, becoming the first fintech firm in Turkey to reach a
valuation of more than $1 billion, Bloomberg reported. This strategic acquisition expanded
Papara’s offerings to include mobile banking services such as money transfers,
prepaid cards, and cash-back features.
Papara, initially established in 2016 as an
electronic payments firm, had been self-funding its growth prior to the partnership with Beka Finance. In addition to core banking services, Papara has expanded its product offerings to include insurance services covering pets,
homes, travel, and mobile devices.
Cross-border payments network TerraPay and Papara, a
fintech company based in Turkey, have partnered to provide users a way to
transfer money globally. This partnership aims to eliminate the high cost of
cross-border payment for Papara wallet users.
Miller Rodriguez, TerraPay’s Strategic Relationship and
Sales Manager, Europe – UK, said: “We are thrilled to partner
with Papara to redefine the way money moves globally. This collaboration marks
a significant step forward in our mission to make cross-border payments more
accessible and user-friendly for people everywhere.”
According to a statement by TerraPay, the
cross-border network and Papara will roll out payment
solutions over the coming months. In Turkey, the digital payments sector is
expected to grow at a rate of 15% from 2023 to 2027, resulting in a market
volume of US $136 billion in 2027.
Recently, TerraPay obtained a Major Payment Institution license from the Monetary Authority of Singapore. This license
enables the company to offer its network and infrastructure services to local and international firms, including those in the cryptocurrency
sector, across more than 200 countries.
With approximately 50% of TerraPay’s revenue
originating from Asia, Singapore is a pivotal gateway to Southeast
Asian markets, including South Korea, Vietnam, and the Philippines. By
integrating with TerraPay’s technology and global network in the new partnership, Papara aims to
strengthen its financial offerings and facilitate future expansion
initiatives.
TerraPay and Papara’s Strategic Expansion
In July, Papara entered into a deal with Spain’s
Beka Finance SV SA, becoming the first fintech firm in Turkey to reach a
valuation of more than $1 billion, Bloomberg reported. This strategic acquisition expanded
Papara’s offerings to include mobile banking services such as money transfers,
prepaid cards, and cash-back features.
Papara, initially established in 2016 as an
electronic payments firm, had been self-funding its growth prior to the partnership with Beka Finance. In addition to core banking services, Papara has expanded its product offerings to include insurance services covering pets,
homes, travel, and mobile devices.
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- Source: https://www.financemagnates.com//fintech/terrapay-partners-with-turkeys-papara-to-offer-cross-border-payments/
