2023-10-18 18:24:04
Istanbul (ots/PRNewswire) – ISTANBUL, Oct. 18, 2023 /PRNewswire/ — TerraPay, a leading cross-border payments network, and Papara, a leading fintech company in Turkey, have announced a groundbreaking partnership aimed at reshaping the landscape of global money movement. With this strategic alliance, TerraPay and Papara will provide nearly 17 million Papara Wallet users a secure, easy and seamless way to transfer money worldwide.
This collaboration reflects a shared commitment to improving financial inclusion and accessibility, aiming to remove barriers such as long booking times and high costs associated with cross-border payments and provide greater financial autonomy to migrant workers and their families.
The digital payments market in Turkey is expected to witness remarkable growth, forecast to reach 15.78% from 2023 to 2027, resulting in a market size of $136.90 billion in 2027.* Papara , a market leader in Turkey, is known for its innovative solutions and relentless focus on delivering exceptional user experiences. By integrating with TerraPay’s agile technology and extensive global network, complemented by unparalleled compliance capabilities, Papara aims to not only strengthen its financial offering but also advance its future expansion initiatives.
“We are thrilled to partner with Papara to redefine the way money moves around the world,” said Miller Rodriguez, Strategic Account Executive and Sales Manager, Europe – UK, TerraPay. “This collaboration marks a significant step forward in our mission to make cross-border payments more accessible and user-friendly for people everywhere. Together with Papara, we want to give millions of people in Turkey and beyond the opportunity to send money to their loved ones, support families and pursue their dreams.”
TerraPay’s innovative and efficient cross-border payment platform has earned a reputation as a global leader in enabling international money transfers. Papara has established itself as a fintech pioneer in Turkey with its future-oriented approach and customer-centric solutions. This partnership between two industry leaders promises to revolutionize cross-border payments and ultimately benefit millions of individuals and businesses.
“Providing our customers with fast, secure and affordable cross-border payment options has always been at the heart of Papara’s mission,” said Özge Çelik, Head of Product Development at Papara. “By collaborating with TerraPay, we are taking a monumental step towards making this mission a reality. Together we are able to provide innovative, hassle-free international money transfer solutions to more than 17 million users, enriching their financial lives and connecting them to the world.”
In the coming months, TerraPay and Papara will work closely to launch their enhanced cross-border payment solutions and provide Papara users with unprecedented access to the global financial landscape.
Information regarding TerraPay
TerraPay simplifies global money movement – it provides a unique connection to the largest cross-border payment network, regulated in 29 global markets, making payments to more than 120 receiving countries, from more than 210 sending countries, from more than 7.5 billion bank accounts and more than 2, 1 billion mobile wallets enabled. TerraPay is committed to creating a borderless financial world that enables money transfers anywhere, instantly, reliably, transparently and in full legal compliance. TerraPay breaks barriers for global businesses, from banks, financial technologies and money transfer operators, to travel companies, creation platforms and e-commerce markets. It simultaneously promotes financial inclusion even in the most inaccessible markets. Founded in 2014, TerraPay is headquartered in London and has global offices in Dubai, Miami, Bogota, Dakar, Johannesburg, Nairobi, Milan and Singapore and is expanding rapidly following receiving funding from leading investors including IFC (World Bank), Prime Ventures, Partech Africa and Visa.
Information regarding Papara:
Papara is a leading fintech company in Turkey committed to simplifying financial transactions for individuals and businesses. Papara’s user-centric approach has made it a trusted name in the Turkish digital payments landscape. The company offers a range of financial services including mobile wallets, prepaid cards and more.
CONTACT:
Juveria Samrin,
juveria.n@terrapay.com
Questions & Contact:
+917760516000
1697653845
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