Ani Sane

Co-founder & CBO

Blog | 5 min read

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Over the last few years, there’s been a lot of buzz around interoperability. Getting payment products to ‘speak to each other’ or be interoperable is one of the biggest challenges facing digital payments. We believe product optimization has a key role to play in overcoming this challenge. But what is product optimization all about and how does it benefit the global payments landscape?

Broadly speaking, it refers to the process of improving and refining a product to make it more accessible to its current users and equally appealing to new ones. But it is not a one-off process restricted to the pre-launch period and early stages of product development. Instead, it is an ongoing process that continues even aer the product enters the market, ensuring it is always ready for the future.

In essence, product optimization never stops. Therefore, it should be embedded within a company’s product lifecycle

The global payments highway

On our global payments highway – an inclusive, ever-expanding network propelling businesses and people across the world with safe, fast, and reliable payments, optimization is key.

Some of you may be aware that TerraPay manages complex regulatory processes with strong compliance checks, and develops agile routes ensuring our partners have secure access to an ever-expanding global financial ecosystem. All of this is backed by our global edge of 26 licenses and regulatory approvals. Over time, we have built a 'multi-channel' global payments highway for small value payments. Our scalable and agile payments infrastructure enables our partners to support businesses and workers across the globe, ascertaining that every payment, no matter how large or small, enjoys a borderless journey to its destination.

Toward this objective, our agile payments network supports diverse payment types and instruments, enabling efficient transaction processing, clearing, and settlement services for local, domestic and international pay-outs.

As per a study by Visa GME, cross-border payment sales are considered the biggest growth potential by 87% of global merchant executives. Almost one-third of their revenues come from cross-border business. According to this study, global cross-border payments are slated to touch $156 trillion in 2022. One of the biggest drivers is that modern consumers are always seeking better quality, competitively-priced products unavailable in their domestic markets.

In mobile commerce too, the deployment of digital wallets has kept pace with the industry’s growth since it offers simpler experiences for customers, merchants and employees. As a result, it drives better business growth. It’s no surprise that in Europe in 2020, 26.4% of e-commerce payments were done through digital wallets. The predominant payment means in France, Spain, Germany, the UK, and Russia, the dominance of e-wallets is expected to continue and comprise as much as 30% of total e-commerce transactions by 2024 in Europe

Social media payments, travel and more

Similarly, social media payment solutions provide a mode of transferring money via applications such as Venmo etc. Such payment solutions were first popularized by PayPal via social media trends while other solution providers like Apple Pay, Snapcash, Twitter Purchase, Google Wallet and others then came up with their versions. In recent years, retailers have been using social media payment solutions to boost their appeal since they help understand customer needs better. These solutions permit payment channels to use mobile phones for making immediate payments.


Consequently, across the globe, the social media payment solutions market is anticipated to increase at a 25% CAGR between 2020 and 2027 to touch $7.38 billion. TerraPay’s social media business pay-out allows customers to accept and make real-time global payments for subscribers and partners.


Travel is another segment where global payment solutions are extremely popular with globe trotters. The World Travel and Tourism Council’s 2019 report indicates that universally, 83% of travellers always carry mobile phones. Not surprisingly, the mobile phone is emerging as a crucial partner in promoting cashless travel as the cell phone market keeps expanding globally. Our unique travel business payout offering simplifies global merchant pay-outs and collections, efficiently.


Likewise, the world market for payroll  HR services and solutions is expected to reach $38.4 billion by 2027, rising at a CAGR of 8.3% during the survey period (2020-2027). Through these services, companies can empower their global workforce from employees to independent workers via real-time secured payments. Our business payroll service allows businesses to empower their global workforce with real-time and secure payments.


Payment solutions for every need

Whatever the global business or industry's payment need, TerraPay’s solutions enable partners to tackle the challenges facing cross-border payments. We design unified payment platforms with future-ready digital solutions, providing ease of access to all businesses universally for adoption. All with single API integration.

Our cross-border payments infrastructure eliminates complexities and allows streamlined payments in real-time for all partners – be it money transfer operators, mobile wallet operators and other licensed payment providers.

Instant payment benefits for individual customers include pay-outs to mobile wallets and bank accounts, smallest spending for all needs, aiding merchants with quicker on-boarding, an easy-to-use self-service portal, easy reconciliation/monitoring and a fixed-fee model without hidden charges.

Our innovative payment solutions like Request-to-Pay, Business Pay-outs, Issuance, Collections  Acquiring, are built to meet the evolving demands of businesses and their customers while managing risks and safeguarding businesses against fraud. Today, we enable payments beyond boundaries in more than 200 countries.

Let’s look at Request-to-Pay, for example; this innovative payment solution powers mobile wallet acceptance anytime, anywhere. This means customers can use their mobile wallets to pay in local currencies even when travelling outside their country, while merchants can grow their customer base, accepting more mobile wallets. In the backend, our fully-compliant systems keep fraudulent transactions at bay with real-time transaction monitoring. Effective risk management keeps our partners safe from potential threats and laundering. In this process, every step matters. Accordingly, complete name validation is done to reduce transaction failures and reversals

Regardless of the industry, we empower our Business-to-Business partners to make seamless pay-outs and collections to their global workforce, merchant network and vendors across 55+ countries. Boosting spending to mobile wallets and bank accounts while assisting merchants with plug-and-play platforms for swi onboarding via our ASAP platform, easy integration with a web-based portal, simpler reconciliation and monitoring and a fixed-fee model with no hidden charges

At TerraPay, we are committed to building future-ready digital payment solutions to help every business grow. When you connect with us, you break down the layers of complexities surrounding global payments of every size and type. Want to know how you can leverage our global payments highway to power your business forward?



Visit us at terrapay.com

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