Leveraging the Power of
Mobile Wallets to Reach
Remote Economies
Leveraging the Power of Mobile Wallets to Reach Remote Economies
Introduction
Rocket Remit is a leading remittance provider specializing in fast, real-time transfers. Established over 15 years ago, the company enables instant international money transfers to over 75 mobile money services in 50+ countries.
The company’s mission to provide instant cross-border payments for all demanded a vast network, especially reaching countries and corridors underserved by traditional financial institutions. However, connecting to such niche, hard-to-reach markets was easier said than done. In many of these markets, telecom penetration is significantly higher than banking penetration, making mobile wallets a vital tool for ensuring reach, reliability, and the ability to deliver remittances to the last mile.
The Challenge
Limited reach
Rocket Remit was faced with a significant challenge in reaching unbanked populations across remote/niche markets, globally.
Scalability
Traditional banking infrastructure in many of these developing regions was inadequate, limiting access to fast, reliable, and inclusive cross-border remittance solutions
Why TerraPay
Expanded Reach & Coverage
TerraPay enabled Rocket Remit to expand its network to countries and corridors that were once inaccessible. Leveraging TerraPay’s global partner network and reach, Rocket Remit connected with receiving partner operators, ensuring real-time payouts and seamless customer experiences for unbanked populations and making instant cross-border remittances a reality with mobile wallet payouts.
Liquidity and Settlement Solutions
TerraPay provided flexible liquidity options, including prefunding and multiple settlement currency solutions. As Rocket Remit continued to scale, TerraPay’s liquidity support empowered the company to manage growing transaction volumes without interruptions.
Transaction Support and Customer Service
To further streamline the experience for Rocket Remit, TerraPay provided its trademark 24×7 customer service through its robust partner portal. The portal is designed for real-time tracking of transactions, easier and faster transaction query resolution, enhanced transparency, and more. The result? Rocket Remit customers benefitted from simpler, faster processing, enhanced transparency, and seamless service.
Partnership and Scalability
TerraPay’s role as an aggregator hub streamlined the onboarding of new payment corridors. Instead of complex bilateral arrangements, Rocket Remit benefited from faster, simpler, and more affordable integrations through TerraPay’s platform.
The result
Beyond borders:
Breaking barriers to connect emerging markets including the remotest economies across APAC and Africa
- Côte d’Ivoire(Ivory coast)
- Togo
- Mozambique
- Benin
- Democratic Republic of Congo
- Guinea
- India
- Philippines
- Bangladesh
98.7 %
Mobile wallet payouts
In the 2021-24 period, 98.7% transactions enabled by this partnership ended in mobile wallets across both Asia Africa.
439 %
Increase in transaction volumes
Rocket Remit witnessed a 439% jump in transaction volumes in just 2 years
96 %
Success rate
Since the start of the partnership, TerraPay delivered an average success rate of 96% across corridors and modes of payments
“At Rocket Remit, we are driven by our vision to provide fast,
real-time remittances to the unbanked and underbanked
populations across the globe. Partnering with TerraPay enables
us to further this commitment, expand our reach, and ensure
that remittances can be securely and efficiently delivered to
the last mile. TerraPay’s infrastructure and dedication to seamless
customer experiences are vital as we continue to scale and
transform the remittance industry for the unbanked.”
“Partnering with Rocket Remit aligns perfectly with our
commitment to empowering the unbanked and underbanked
through innovative payment solutions. This commitment also forms
the foundation of our recently established Wallet Interoperability
Council, a collaborative ecosystem focused on boosting
interconnectedness for digital wallets globally. Together with
partners like Rocket Remit, we are transforming the way
people move money across borders, ensuring that financial
services are accessible, reliable, and truly global.”
Oceania at TerraPay
98.7 %
Mobile wallet payouts
In the 2021-24 period, 98.7% transactions enabled by this partnership ended in mobile wallets across both Asia Africa.
439 %
Increase in transaction volumes
Rocket Remit witnessed a 439% jump in transaction volumes in just 2 years
96 %
Success rate
Since the start of the partnership, TerraPay delivered an average success rate of 96% across corridors and modes of payments