TerraPay & Beyon Money partner to enhance outward remittances from Bahrain to key corridors
TerraPay, a leading global payments infrastructure company, today announced its partnership with Beyon Money part of the Beyon Group and the first financial super app in Bahrain. As part of the partnership, the companies will enable a large addressable remitters market in Bahrain to transact across all key corridors enabling customers with a swift, secure & affordable network for real time payouts to their loved ones. Customers will be able to make instant payouts from Bahrain to all key corridors including India, Bangladesh, Pakistan, Nepal, Sri Lanka, Philippines, Kenya, Uganda, Cameroon, Ghana, Thailand & Indonesia.
In the last 20 years, the GCC’s remittance industry has undergone a rapid transition. The total cost of remittances sent abroad by GCC nations increased from USD 25.77 billion to over USD 118 billion over that time, representing a cumulative growth of 357%. With the advent of technology, digital penetration continues to grow. At present, the transaction value in the Digital Remittances segment of Bahrain is projected to reach US$151.00m in 2022 & is expected to show an annual growth rate (CAGR 2022-2027) of 9.55% resulting in a projected total amount of US$238.20m by 2027.
As the digital remittance market continues to grow in the Middle East region, customers/remitters today demand an unshakeable and agile infrastructure to drive boundless small-value, large volume payments, globally. TerraPay empowers businesses with innovative and simplified payment solutions to bring the world closer and on the other hand Beyon Money is propelling the region’s digital transformation by addressing access, reliability, and affordability needs to enable more customers to make secured & swift instant transactions.
Commenting on the partnership Ram Sundaram, Co-Founder & COO TerraPay said, “It gives us immense pride in announcing our partnership with Beyon Money, which is one of the most reliable financial partners in Bahrain. Our advanced payments system is designed to make digital transactions seamless, transparent & affordable which is also at the core of Beyon Money. Together, we will make digital transactions more secure and faster for Bahrain remitters & customers. This association will further enhance interconnectivity, interoperability, and financial integration between domestic and cross-border digital payments.”
Roberto Mancone, CEO, Beyon Money commented, “We are delighted to collaborate with TerraPay to enable acceptance of real time payments across our well entrenched network in Bahrain. Our partnership will allow money to move into the region with TerraPay’s unique technology platform, with interoperability at its core, backed by our strong customer network, which can facilitate easy and quick adoption of mobile wallets across the region, serving consumers seeking secure contactless payments options.”
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