LONDON – 10 January 2022 – TerraPay, a global payments infrastructure company, has reported a strong period of growth in the UK in 2021. During the COVID-19 global pandemic, TerraPay’s services were vital to businesses of all sizes, activating an accelerated digital-payments revolution.
To ensure the continued flow of commerce and sustained economic growth during the pandemic, countries have been working with companies such as TerraPay to empower and modernise global payments.
Commenting on a strong year, TerraPay’s Founder and CEO, Ambar Sur, said: “Our infrastructure is based on three key points, agility, speed and scalability. What sets us apart from our competitors is these underlying drivers, it assures that our customers’ payments reach their destination safely and instantly across 15 registered global markets, which proved vital to maintaining their business objectives in 2021. Our infrastructure, unlike others in the sector, opens up the world to businesses with an uninterrupted, secure and real-time international channel for every payment.”
In the recent past, it was recorded that 56% of payments were sent from the UK through TerraPay to Africa with the most popular mode of payment being via mobile wallets, with amounts valuing between £80 – £110.
Ambar, added: “In the UK, we’ve seen a bumper year of transactions to emerging markets, with Ghana representing the most active payment corridor. This includes over 1.5 million worth of remittances at a total value of over £250 million. We’ve also secured payments from the UK to a total of 52 countries. To us this is a great achievement as it shows we have been able to provide a simple and cost-effective way of enabling global transactions, opening up the world and its customers for many companies.”
Additionally, TerraPay partnered with a number of global banks and companies in 19 new countries in the past year, including; Mexico, Colombia, Ethiopia, South Africa, Brazil, Madagascar, USA, Canada, South Korea, Argentina, Bolivia, Chile, Ecuador, Panamá, Paraguay, Perú, Uruguay, Costa Rica and South Sudan.
Terrapay’s seamless payments solutions benefit social media influencers and for those in the travel industry the ecosystem means businesses are able to accept passenger payments for flights, hotels and tourism on the move, helping to promote more sales. For businesses and individuals in e-commerce, our functions provide uncomplicated payment experiences for merchants and consumers.
Discussing TerraPay’s expansion plans for 2022, Ambar said: “2021 has been a successful year for TerraPay and we hope that this success continues to grow. The last 18-months has had a long-term impact on people and businesses across the world, people are looking for better, more digital-focused ways to make payments following these turbulent times and this is being driven by the millennial and Gen-Z generations. One of our goals is to be at the forefront of this global digital transition in the year ahead.”
“Our long-term goal is to be seen as the top global innovator for international digital payment services and we hope to achieve this in the years ahead. Following the COVID-19 pandemic we’ve already seen many businesses in hospitality and retail move solely to digital payment methods for hygiene reasons. Electronic payment methods such as our infrastructure at TerraPay are a low risk, secure way of making transactions faster and benefit both businesses and customers.”
“There has been much speculation about the demise of cash and the sole use of electronic payments. However, I believe that a more digitalised global payment ecosystem will make global commerce quicker and more efficient, which will ensure a healthy international economy.”
