Digital payments giant PayPal has forged an alliance with TerraPay, a global money movement company, to offer real-time fund transfer capabilities to its customers in the Middle East and Africa.
This initiative seeks to improve economic growth by enhancing the accessibility of cross-border financial transactions and linking a network of banks, mobile wallets, and financial institutions.
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The partnership will enable linking of PayPal accounts, allowing mobile wallets and bank account holders across the region to transfer funds.
This move aims to boost financial connectivity and inclusion, allowing businesses and individuals to join the global digital economy, the release stated.
TerraPay co-founder and chief business officer Ani Sane stated: “Our mission at TerraPay is to create a world where digital transactions are effortless, secure, and accessible to all. This partnership with PayPal marks a major milestone in expanding financial access across the Middle East and Africa, where our strong global infrastructure, helps overcome the limitations of traditional banking.
“With built-in interoperability, TerraPay connects various financial systems, from banks to mobile wallets, making it easier for businesses to scale and users to transact seamlessly on a global scale. Together, we are driving a new era of digital payments.”
PayPal Middle East and Africa regional head and general manager and senior vice president Otto Williams said: “By partnering with TerraPay, we’re making it easier for businesses and individuals to make cross-border transactions, quickly, securely, and without friction. Together, we’re helping unlock economic opportunity and build a more connected, inclusive financial future for the Middle East and Africa region.”
Last month, PayPal launched a new merchant platform called PayPal Open.
This platform, which consolidates all of PayPal’s merchant offerings, is anticipated to launch in the US imminently, with expansion plans for the UK and Germany later in the year, and a wider global roll-out slated for 2026.
