TerraPay has announced a partnership with Turkey based fintech Papara. The partnership is aimed at reshaping the landscape of money movement. With this strategic alliance, TerraPay and Papara are set to provide nearly 17m Papara wallet users with a secure, simple, and seamless way to transfer money worldwide.
TerraPay recently partnered with Bancolombia, looking to have the same impact in Colombia as they hope to now have in Turkey. In the coming months, TerraPay and Papara will work closely to roll out their cross-border payment solutions, providing Papara users with access to the global financial landscape.
Go deeper with GlobalData
This collaboration reflects a shared commitment to enhancing financial inclusion and accessibility. Both companies are vocal in its goal of eliminating obstacles such as friction and high costs surrounding cross-border payments. Additionally, both companies wish to grant migrant workers and their families greater financial autonomy.
Turkish digital payments is expected to grow
The digital payments market in Turkey is anticipated to witness remarkable growth. This is projected at 15.78% from 2023 to 2027, resulting in a market volume of $136.9bn in 2027. Papara is a market leader in Turkey and is known for its innovative solutions and unwavering focus on delivering exceptional user experiences. By integrating with TerraPay’s technology and global network, complemented by its compliance capabilities, Papara aims not only to bolster its financial offerings but also to fuel its future expansion initiatives.
Miller Rodriguez, Strategic Relationship and Sales Manager, Europe and UK, TerraPay commented: “We are thrilled to partner with Papara to redefine the way money moves globally. 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 aim to empower millions of individuals in Turkey and beyond, with the ability to send money to loved ones, support families, and pursue their dreams.”
TerraPay’s efficient cross-border payment platform has earned itself a reputation as a well-respected player in facilitating international money transfers. Papara has established itself as a big fintech figure in Turkey. This partnership between the two holds the promise of having a successful impact on millions of individuals and businesses.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData
