TerraPay: Building a borderless future for Payments

In the last few years, we’ve seen capital become increasingly mobile, with ever greater sums of money travelling across national borders. This trend in international payments has largely been shaped by shifting consumer behaviours and needs, an unprecedented global health crisis, technological advancements and the rapid rise of eCommerce. However, just because more of us are doing it, that doesn’t mean international money transfers have become all that much easier or quicker.

International Payments

Sending a digital bank transfer from A to B is one thing. But when you’re sending cash across national borders the complexities are compounded. However, while cross-border money movement can be a challenge, there are opportunities on the other side of the coin. The big prize? A chance to reimagine how money flows.

In a frictionless world, international payments could, and should, be effortless. But cross-border payments are still bogged down by regulatory demands, technological gaps and transparency issues. Until fairly recently, the word ‘instant’ was not associated with cross-border money transfers.

If we get it right, and substantially ease the difficulties of sending money abroad, we can empower individuals and open up the global economy. Smoother cash flows mean markets can function more effectively, and geographic barriers to wealth and attainment can be broken down. First, it’s incumbent on us to dismantle the following barriers:

Financial Illiteracy

Traditionally, navigating international payments has felt like an exclusive club, accessible only to those fluent in its jargon. From formatting payments correctly to ensuring BIC and IBAN numbers are accurate, it’s easy to see why so many feel excluded.

But it doesn’t have to be that way. Streamlined systems can make it easier for people to send their money wherever they want. Moreover, you don’t need to be wealthy or well-heeled for your cash to be a frequent flier.

High Costs

Hitting “pay” on an international transfer can often feel like throwing it into a black hole and hoping for the best. With no tracking or transparency, the money disappears until it finally surfaces in the recipient’s account days later. Transaction fees are high, which can really add up if you’re transferring small payments at a time.

Compliance

As financial regulations tighten to combat fraud and crime, cross-border payments face more scrutiny than ever. Large transfers, in particular, often encounter unexplained delays as banks – yours, intermediary banks, or even the recipient’s – verify the legitimacy of the funds. Customers are rarely kept in the loop. Instead, they’re left waiting, powerless, for their money to clear. It’s an opaque, frustrating experience that feels anything but consumer friendly.

These challenges all pertain to traditional cross-border payments. But what if we thought about these transactions differently? Let’s reimagine cross-border payments in the same way we’ve revolutionised communication. If an SMS can reach anyone, anywhere in the world, instantly, affordably, and without interruptions, why can’t money work the same way?

Digital Wallets

In just over a decade, digital wallets have transformed the financial landscape, connecting millions of unbanked and underbanked individuals to the formal financial system. These tools have proven especially vital for small-value cross-border transfers, which are often critical for families, businesses, and communities. By 2026, global wallet users are projected to exceed 5.2 billion, driving transaction volumes past $12 trillion. These numbers highlight not only the scale of their impact but also the untapped potential for advancing cross-border payments.

The question isn’t whether digital wallets can play a role in cross-border transactions, because we know that they do. The question is how we can maximise their potential across geographies. What does a payment ecosystem look like when wallets are at the heart of it?

Two key factors are essential: building a more comprehensive ecosystem for digital wallets and ensuring greater interoperability between systems. These changes would simplify cross-border transactions for individuals and businesses alike. Creating a global financial environment where sending money is as intuitive as sending a text message.

A thriving digital wallet ecosystem – characterised by low fees, simple interfaces, transparency, and robust security – could redefine how people connect, collaborate, and seize opportunities across borders.

The Future for Payments

To achieve this, the financial industry must come together to dismantle systemic barriers. Interoperability, regulatory alignment, and infrastructure upgrades are essential to creating a unified global payment framework. Advocating for cross-border interoperability at the domestic level, for example, would pave the way for transactions that transcend silos and fit within a globally recognised standard. This would lower costs, reduce risks, and boost the efficiency of cross-border payments.

Digital wallet innovators have an opportunity to bridge the gap left by traditional banks. While established financial institutions bring legacy and scale, they’ve often been slow to innovate in ways that meet the needs of a fast-moving, increasingly interconnected world. For billions of people, the future of finance is already in the palm of their hand.