TerraPay has formed a new initiative to enhance how wallets interact globally. Dubbed the “Wallet Interoperability Council,” this collaboration brings together five digital wallet operators to make international money transfers more accessible globally.
The Wallet Interoperability Council, spearheaded by TerraPay, includes key players like Airtel, bKash, MPESA, Nequi, and Sama Money. These operators serve vast regions, including Bangladesh, Colombia, Kenya, Senegal, Tanzania, and Uganda.
According to the London-headquartered firm, the council’s goal is to advance global wallet interoperability, enabling seamless merchant payments, international remittances, and other cross-border transactions by connecting diverse platforms. Traditionally, digital wallets have operated primarily within local markets. However, the demand for global payment solutions has been growing rapidly.
By leveraging TerraPay’s technology, the council aims to break down these regional barriers and facilitate secure, efficient, and cost-effective cross-border transactions. Through the new partnership, the companies also aim to accelerate the adoption of digital wallets and financial platforms globally.
The Future of Digital Wallets in a Global Market
The global market for digital wallets is expected to grow exponentially, with projections indicating that by 2028, over 7 billion wallets will process around $16 trillion in volume. Thus, multi-rail wallets are increasingly gaining prominence in both e-commerce and face-to-face transactions, with cross-border payments playing a crucial role in this expansion.
Expect ongoing updates as this story evolves.