Visa Supports TerraPay’s Plan to Link Digital Wallets to International Trade

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Hundreds of millions of people and businesses use digital wallets instead of traditional bank accounts to complete transactions internationally.

This is especially true in developing countries, where the pervasive usage of mobile devices offers a platform for transitioning away from cash and coins. However, the shift from a cash-based to a digital world also requires actors to cope with numerous legal and regulatory frameworks. For businesses, this means applying for licenses to operate in a particular country.

Small businesses (SMBs), which account for 70% of GDP and 90% of the workforce, are disproportionately impacted.

Because of this, “A large portion of these SMBs are not participating in the digital economy,” Ruben Salazar Genovez, worldwide head of Visa Direct at Visa, told Karen Webster.

Visa and TerraPay announced on May 10 that they are collaborating to connect Visa solutions to the TerraPay network of wallet providers to expand SMBs’ access to commercial cards, bank accounts, and mobile digital wallets across 26 global markets in order to increase that participation amid the ongoing great digital shift. 

As Visa rails effortlessly link to a network of senders and recipients who are skilled at utilizing, and prefer to use, mobile and digital channels to transmit money across borders, it’s a fast road to financial inclusion.