TerraPay Partners with Papara for Cross-Border Payments

TerraPay Partners with Papara for Cross-Border Payments

Time Stamp: October 18, 2023 1:41 PM
TerraPay Partners with Papara for Cross-Border Payments PlatoBlockchain Data Intelligence. Vertical Search. Ai.

Cross-border payments network TerraPay and Papara, a
fintech company based in Turkey, have partnered to provide users a way to
transfer money worldwide. The partnership aims to eliminate the high cost of
cross-border payment for Papara wallet users.

Miller Rodriguez, the Strategic Relationship and
Sales Manager, Europe – UK, at TerraPay, said: “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.”

According to a statement provided by TerraPay, the
cross-border network and Papara will roll out their cross-border payment
solutions over the coming months. The digital payments market in Turkey is
expected to grow at a rate of 15% from 2023 to 2027, resulting in a market
volume of US $136 billion in 2027.

Recently, TerraPay obtained a Major Payment Institution license from the Monetary Authority of Singapore. This license
enables the company to offer its network and infrastructure services to both
local and international companies, including those in the cryptocurrency
sector, across more than 200 countries.

With approximately 50% of TerraPay’s revenue
originating from Asia, Singapore holds a pivotal role as a gateway to Southeast
Asian markets, including South Korea, Vietnam, and the Philippines. By
integrating with TerraPay’s technology and global network, Papara aims to
strengthen its financial offerings and facilitate its future expansion
initiatives.

TerraPay and Papara’s Strategic Expansion

In July, Papara entered into a deal with Spain’s
Beka Finance SV SA, becoming the first fintech firm in Turkey to reach a
valuation exceeding $1 billion, Bloomberg reported. This followed a deal
between Spain’s Beka Finance SV SA. This strategic acquisition expanded
Papara’s offerings, including mobile banking services such as money transfers,
prepaid cards, and cash-back features.

Papara, initially established in 2016 as an
electronic payments firm, had been self-funding its growth until the pivotal
partnership with Beka Finance. In addition to core banking services, Papara
expanded its product offerings to include insurance services covering pets,
homes, travel, and mobile devices in the current year.

Cross-border payments network TerraPay and Papara, a
fintech company based in Turkey, have partnered to provide users a way to
transfer money worldwide. The partnership aims to eliminate the high cost of
cross-border payment for Papara wallet users.

Miller Rodriguez, the Strategic Relationship and
Sales Manager, Europe – UK, at TerraPay, said: “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.”

According to a statement provided by TerraPay, the
cross-border network and Papara will roll out their cross-border payment
solutions over the coming months. The digital payments market in Turkey is
expected to grow at a rate of 15% from 2023 to 2027, resulting in a market
volume of US $136 billion in 2027.

Recently, TerraPay obtained a Major Payment Institution license from the Monetary Authority of Singapore. This license
enables the company to offer its network and infrastructure services to both
local and international companies, including those in the cryptocurrency
sector, across more than 200 countries.

With approximately 50% of TerraPay’s revenue
originating from Asia, Singapore holds a pivotal role as a gateway to Southeast
Asian markets, including South Korea, Vietnam, and the Philippines. By
integrating with TerraPay’s technology and global network, Papara aims to
strengthen its financial offerings and facilitate its future expansion
initiatives.

TerraPay and Papara’s Strategic Expansion

In July, Papara entered into a deal with Spain’s
Beka Finance SV SA, becoming the first fintech firm in Turkey to reach a
valuation exceeding $1 billion, Bloomberg reported. This followed a deal
between Spain’s Beka Finance SV SA. This strategic acquisition expanded
Papara’s offerings, including mobile banking services such as money transfers,
prepaid cards, and cash-back features.

Papara, initially established in 2016 as an
electronic payments firm, had been self-funding its growth until the pivotal
partnership with Beka Finance. In addition to core banking services, Papara
expanded its product offerings to include insurance services covering pets,
homes, travel, and mobile devices in the current year.

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