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TerraPay Enters into a Partnership with MOVii
Fremont, CA: TerraPay, a global payments infrastructure company, entered into a strategic partnership with MOVii, a leading mobile wallet service that allows both banked and unbanked Colombians to do financial transactions from their mobile phone with convenience, ease, and security, marking the company's first step into the Colombian region for enabling cross-border digital payments.
This collaboration is planned in stages, with the goal of transforming the way Colombian residents and diaspora around the world send and receive money digitally.
The first array of the partnership would allow Colombian diaspora living in countries such as North America, Europe, and a slew of TerraPay's 153 send partner countries to send instant payments to family and friends in Colombia via MOVii mobile wallet payouts.
Following up on the previous milestone, TerraPay will be bringing together a similar interoperability platform in the coming months to allow Colombian residents to receive instant money transfers from family and friends living around the world into bank account payouts. The strategic partnership plans are being developed. The third phase establishes outbound money transfer channels to TerraPay's well-established 79 receive partner countries in order to further empower Colombian residents to feel independent and resilient.
This partnership drives independence, financial inclusion, and resilience for MOVii's 1.7 million Colombian users – both residents and diaspora – by aligning with both the company's investor – IFC's vision to 'End extreme poverty by 2030' and 'Boosting shared prosperity.'
Speaking on the launch of the partnership, Ricardo Madronero, Regional Manager- LATAM region, TerraPay, stated, "Our partnership with MOVii is the starting means to accelerate the growing opportunity for inbound remittances from Colombian diaspora globally. TerraPay's industry benchmarked interoperability engine will seamlessly connect an impressive count of over 1.7 million MOVii mobile wallet users to receive instant funds, with credibility. An exciting path ahead with many more such collaborations to enhance and deepen multi payment channel connections and usage, globally."