Xpress Money and TerraPay partner to enable real time international money transfers to mobile wallets in Africa

Xpress Money, one of the world’s most dependable money transfer brands has partnered with TerraPay, the world’s first mobile payments switch, to enable real-time international money transfers to mobile wallets in Africa. Powered by TerraPay’s global clearing and settlement service for mobile wallets, the partnership will make it faster and convenient for Xpress Money consumers to send money to mobile accounts, in real time.

Through Xpress Money’s extensive network of over 200,000 agent locations in 165 countries, migrants across the globe will be able to send remittances safely and instantly to widely used Mobile Money services in Africa. In the initial rollout, customers can send remittances to any mobile number or bank account in Nigeria as well as directly to Vodacom M-Pesa, Tigo Pesa, Airtel Money and Zantel Ezy Pesa wallets in Tanzania by visiting the nearest Xpress money outlet across 165 countries.

Ambar Sur, Founder & CEO of TerraPay commented, “TerraPay has brought mobile wallets mainstream by interconnecting them with the extensive global network of Xpress Money for cross border money transfer. Our partnership will play a pivotal role in expanding our footprint into new markets and help friends and families of migrant workers receive small value remittances frequently through a cost-effective and convenient service.”

Commenting on the partnership, Sudhesh Giriyan, COO, Xpress Money says, “The convenience of mobile wallets is slowly changing our customers’ remittance patterns. Its advantages are not just restricted to convenience but also extend to offering customers lower fees and financial inclusion. In Africa today, Mobile Wallets are seen as a virtual bank account that enable customers to pay bills and transact, just like using a physical bank account; they work exceptionally well in places where the physical network of banks is limited. Xpress Money is therefore constantly investing in the mobile services space – either through in-house innovations or by partnering with existing providers with proven technologies such as TerraPay to bring convenient remittance solutions to a wider audience.”

TerraPay has partnered with Paga, Nigeria’s pioneering payments and financial services company and Selcom, a leading mobile money aggregator in Tanzania to launch cross border remittances to mobile money accounts in Nigeria and Tanzania respectively.

About TerraPay

TerraPay, the world’s first mobile payment switch is a global transaction processing, clearing and settlement service for mobile wallets. It provides the interoperability engine that enables customers to send and receive real-time transactions across diverse payment instruments, platforms, and regions. The company believes in the power of mobile devices and is building the digital payment rails to fulfil their vision of enabling users to send money to any mobile. TerraPay is a B2B company incubated by Mahindra Comviva, a global leader in delivering mobile financial solutions and is part of the USD 18 billion Mahindra Group. It is registered and regulated in several jurisdictions. In the UK, it is regulated by the Financial Conduct Authority (FCA).

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About ‘Xpress Money’:

Incorporated in 1999, ‘Xpress Money’ is a global money transfer brand with a thriving presence in more than 170 countries across the globe through partnerships that have a network of over 200,000 locations. It is one of the most dependable and renowned international money transfer brands across the globe. ‘Xpress Money’ provides customers convenient, simple and secure ways to transfer money across geographies. Its widespread network is strengthened by collaborations with renowned organizations that include international money transfer operators (IMTOs), banking as well as non-banking institutions, retail chains, online remittance players and fintech companies. Xpress Money’s state of the art compliance and security policies ensure customers a secure and hassle-free money transfer process.

Xpress Money is part of Finablr, a global platform for Payments and Foreign Exchange solutions. With deep regulatory know-how, technology expertise and industry leading partnerships, Finablr companies provide a broad array of tailored and trusted financial solutions for consumers and businesses. With a global reach spanning 170+ countries, Finablr companies processed over 150 million transactions in 2018, managing nearly USD 115 billion for customers.

For more information, follow us on Facebook: www.facebook.com/XpressMoney, Twitter: @Xpress_Money LinkedIn: https://www.linkedin.com/company/xpress-money-services-ltd/ or visit www.xpressmoney.com

Media Contacts:

Xpress Money – Alisha Fernandes; alisha.fernandes@xpressmoney.com+97148186185

TerraPay - Sundeep Mehta; contactus@terrapay.com

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