TerraPay discusses the future of cross-border payments

Sajjad Ahmad, Deputy Business Editor

Digital and cross-border payments in the Middle East are on the rise. Digital payments have revolutionised transactions and the use of money in today's tech-savvy society, said Bassem Awada, General Manager - MENA & Vice President Global - Key Partnerships at TerraPay on Tuesday.

Speaking during the Seamless Middle East, which opened on Tuesday in Dubai World Trade Centre, he said, "The UAE digital transformation strategy is the best in the world to accelerate growth in various sectors."

Bassem Awada participated in a panel discussion titled "The Future of Cross-Border Payments: Supporting the Next Generation for a Transparent Existence." The panel featured prominent industry experts.

The panel highlighted the latest trends in the industry and explored new ways for business growth.

TerraPay, a leading global payments infrastructure company is participating at the Seamless Middle East event for the second consecutive year.

TerraPay has been at the forefront of this digital revolution, especially in cross-border payments within the region. The payments infrastructure giant recently closed their Series B funding of $100 million and onboarded Visa as a strategic partner and investor. With these recent milestones, TerraPay aims to enhance its cross-border payments on a global scale.

The conference covers areas of fintech, payments and identity in the format of presentations, panel discussions and roundtables – hosted by regional and international experts.

Bassem Awada, General Manager - MENA & Vice President Global - Key Partnerships at TerraPay, participated in a panel discussion titled "The Future of Cross-Border Payments: Supporting the Next Generation for a Transparent Existence." The panel featured prominent industry experts.

Digital payments have revolutionised transactions and the use of money in today's tech-savvy society. TerraPay has been at the forefront of this digital revolution, especially in cross-border payments within the region. The payments infrastructure giant recently closed their Series B funding of $100 million and onboarded Visa as a strategic partner and investor. With these recent milestones, TerraPay aims to enhance its cross-border payments on a global scale.

Recent reports indicate that digital and cross-border payments in the Middle East are on the rise. The region has a digitally savvy population with high smartphone penetration rates but has traditionally relied heavily on cash. However, digital adoption is accelerating, and even before the pandemic, digital payments were growing rapidly .

TerraPay offers a comprehensive product suite with various solutions designed to simplify cross-border payments. The Peer-to-Peer (P2P) remittance solution removes complexities from cross-border transactions, enabling seamless payments for partners such as Mobile Network Operators (MNOs), mobile wallet operators, and other licensed payment providers in real-time. Business Payouts, another key offering, transforms the way businesses send and receive payments by providing a customized solution that ensures compliance, mitigates fraudulent transactions, and offers effective risk management to keep partners secure from potential threats and money laundering. With TerraPay's Request to Pay (RTP) feature, customers can pay in local currencies and enjoy a familiar experience even when traveling abroad.