TerraPay, a leading global payments infrastructure company, announces its partnership with MoneyGram International, a global leader in the evolution of digital person-to-person payments. This tactical collaboration will enable swift and secure person-to-person remittances from South Africa to MoneyGram’s widespread global network.
Through this association, MoneyGram will be able to tap into TerraPay's well-entrenched global partner networks along with its seamless cross-border remittance infrastructure (with due regulatory coverage). At the same time, TerraPay will be able to leverage MoneyGram’s expertise in person-to-person payments and its strong presence in South Africa to further expand its network. South Africa is the largest outbound remittance country in Africa. Formal outflows in 2019 were $1.05Bn and have approximately 1.6Mn migrants mainly from SADC countries. TerraPay’s alliance with MoneyGram will provide customers access to real-time, secure and seamless global transactions, empowering them to remit funds from South Africa to their loved ones across the world.
Africa’s domestic e-payments market is expected to see revenues grow by approximately 20 percent per year, reaching around $40Bn by 2025. By comparison, global payments revenue is projected to grow at 7 percent annually over the same period. Furthermore, customers will be able to pay at any PEP, PEP HOME, or PEP CELL store. PEP, a household name, is Africa’s largest single-brand retailer operating more than 2550 stores across Southern Africa. PEP’s purpose is to make it possible for everyone to look and feel good by bringing customers the lowest prices on everything they need and want across a wide range of products and services. Both TerraPay and MoneyGram’s ambition of actualizing a cashless society by creating an inclusive ecosystem for all and reaching out to customers at relevant touchpoints is what drives this partnership. This opens doors for MoneyGram’s thriving and extensive ecosystem of customers, to use TerraPay’s adaptive and safe payments technology, boosting global financial interoperability and inclusivity.
Speaking on this new partnership, Willie Kanyeki, Regional Director, East and Southern Africa, TerraPay, said “We are thrilled to welcome MoneyGram as a trusted partner in South Africa. Our association with MoneyGram will allow us to serve customers in the region of South Africa with superlative technical solutions and cultivate affinity by empowering them with fast & affordable borderless payment options and access to TerraPay’s widespread partner network. Our collaboration will usher in the benefits of financial inclusion and independence, through efficient cashless payments, for all MoneyGram customers, MoneyGram will be a valuable partner for our pay-out services. This collaboration will further enhance interconnectivity and financial integration between domestic and cross-border digital payments.”
Patrick Appiah, Regional Head, West and Southern Africa, MoneyGram, added, “We are pleased to partner with TerraPay. Their extensive global payments network, partners, and infrastructure will play a critical role in facilitating person-to-person transactions in a swift & secure manner from South Africa to across the globe. We are positive that our collaboration will not only help us provide a secure gateway for customers to send remittances to their loved ones but will also facilitate digital mobility where our customers will have access to the needed cost-effective and secure payments solutions.”
Headquartered in The United Kingdom, TerraPay believes that the smallest payment deserves a borderless journey as safe as the largest. The group has been building an ever-expanding payments highway that empowers businesses to create transparent customer experiences with an uninterrupted, secure, and real-time global passage for every payment, however small or large. Registered and regulated across 26 global markets, TerraPay is a leading global partner to banks, mobile wallets, money transfer operators, merchants, and financial institutions, creating a more expansive and inclusive international financial ecosystem. With access to a payments infrastructure that spans the globe, their partners become beacons of the promise of global financial inclusion.
MoneyGram is a global leader in cross-border P2P payments and money transfers. Its consumer-centric capabilities enable family and friends to quickly and affordably send money in more than 200 countries and territories, with more than 81 countries now digitally enabled. MoneyGram leverages its modern, mobile, API-driven platform and collaborates with the world's leading brands to serve millions of people each year through both its walk-in business and its direct-to-consumer digital business. With a strong culture of innovation and a relentless focus on utilizing technology to deliver the world's best customer experience, MoneyGram is leading the evolution of digital P2P payments.
PEP is Africa’s largest single-brand retailer operating more than 2550 stores across Southern Africa. As well as clothing and footwear, PEP sells homeware, FMCG, cellular, and airtime products and offers a range of services including cashbacks, loans, funeral cover, cross-border/local money transfers, bill payments, Flash tokens, PAXI courier service and so much more.
PEP employs more than 17 000 people who are united by one of the strongest corporate cultures in the world called Sikhula KunYe (which means we are growing together).
Since 1965 PEP has aimed to delight their remarkable customers who on a very small budget make it possible for their families to live with dignity and pride.
For more information, visit www.pepstores.com