The last three years have revealed the resilience and need for travel companies to evolve from the antiquated processes that have hindered their capabilities to expand. Digital payment strategies and expansion continue to accelerate in the industry, along with the demand for international flights and online travel providers, digital wallets, and digital cards. Today, it’s vital that businesses within the travel industry seek and adopt digital payment strategies to achieve continuous growth.
Dec, 2023 | 5 minutes read
TerraPay has been at the forefront of fintech disruption in B2B cross-border payments. In this interview with Flagship Advisory Partners, Ram Sundaram, Co-founder & COO, TerraPay walks us through the company’s journey so far, sharing his views on the current scale of fintech disruption and what success in the B2B cross-border payments market looks like.
Dec, 2023 | 5 minutes read
As the travel and hospitality industries across the world recover from the impact of the pandemic, online travel agents (OTAs) are playing a pivotal part in the revival. Their efforts directly benefit millions of SMEs in the global travel and tourism trade. The rapid rise of OTAs presents a striking picture of the era of global digital transformation.
August, 2023 | 4 minutes read
While hardly a new technology, virtual cards are poised to become a much more dominant force in the payment sphere in the coming years.
August, 2023 | 4 minutes read
Founded in 2014, TerraPay is an international payment network that connects mobile wallet service providers, money transfer operators, merchants, banks and payment platforms to enable seamless, cross-border transfer of funds for both B2B and B2C transactions.
August, 2023 | 2 minutes read
We all learned from the pandemic that diversification in the travel industry is crucial to success. It came in as a force of nature that unraveled traditional industry processes. It opened the doors to many new possibilities. Most of all, it heightened the need to generate income from various streams, while optimizing payment strategies.
August, 2023 | 3 minutes read
It’s common knowledge that both opportunities and challenges are two sides of the same coin. The countries in the WCA region exemplify the concept of opportunities and challenges being two sides of the same coin. On the one hand, there are significant opportunities, such as rising economic expansion and an improving entrepreneurial landscape. On the other hand, there are also major challenges, such as inadequate infrastructure, including the payments industry.
August, 2023 | 4 minutes read
TBe it overseas workers, globe-trotters or expatriates, every cohort relies on cross-border remittances to either send money back home or receive funds from their family. But understanding the intricacies of cross-border remittance payments is essential for both individuals and institutions undertaking international monetary transactions.
July, 2023 | 4 minutes read
The World Bank and KNOMAD (Global Knowledge Partnership on Migration and Development) published their latest report in June 2023, ‘Remittances Remain Resilient but Are Slowing; Migration and Development Brief 38’. The Migration and Development report captures key developments in remittance flows that have occurred since the previous brief in November 2022.
June, 2023 | 3 minutes read
In today’s digitally-driven world, the way we send and receive payments has undergone a radical transformation. Legacy payment modes such as cash and checks have been almost entirely replaced by electronic transactions as well as payments via cards and digital wallets. Considering this paradigm shift in payment mechanisms, the significance of building and sustaining an efficient and secure payment infrastructure is paramount.
June, 2023 | 3 minutes read
Propelled by rapidly changing consumer demands, digital wallets have emerged as one of the fastest-growing financial tools for both individuals and businesses. Considering the ubiquity of mobile phones, digital wallets offer a wide range of digital-first capabilities that bring ease of use, transparency, and an enhanced user experience.
June, 2023 | 4 minutes read
Technology and innovation have provided an incredible impetus to digital transformation in Latin America’s payment industry. With a total addressable market of over 600 million consumers that generates close to 6 Trillion dollars of the GDP, Latin America has opened doors for exciting opportunities in the payment industry.
April, 2023 | 4 minutes read
In today’s increasingly digital world, a strong payment infrastructure is critical, especially for businesses looking to offer seamless and secure payment experiences to their customers. From accepting online payments to managing transactions and payment processing, a robust payment infrastructure is key to ensuring smooth financial operations. With the rise in digital adoption, cyber security threats and risks of payment fraud are also, unfortunately, on the rise. What are the best ways to tackle this? In the following sections, I have listed down some of the best practices for building a secure and reliable payment infrastructure. Read on.
March, 2023 | 4 minutes read
For decades, money transfers received from people working abroad have acted as lifelines of development for many emerging nations. Given their impact, the socioeconomic benefits of MSBs (money service businesses) have been widely acknowledged. Typically, MSBs permit their customers to transfer money, and exchange currencies or cash cheques without needing to rely on bank accounts.
March, 2023 | 4 minutes read
Payment infrastructure evolves on a minute-by-minute basis. It is what makes payments such an exciting field to work in and a great environment for anyone who likes to continuously innovate and learn, especially about how the payment infrastructure is evolving to meet the needs of global businesses.
March, 2023 | 4 minutes read
Increasing globalisation has expanded huge economic opportunities for people residing in South Asia. Many economies here are driven by remittances which also form a sizable portion of their GDPs. People working in different parts of the world send money back to their families residing here.
February, 2023 | 3 minutes read
There are numerous studies that discuss what Gen Z—loosely defined as those who were born between 1997 and 2012—wants. While the majority of these studies cover a wide range of topics, there are a few aspects that they tend to ignore, including confusion, the need for inspiration, safe risk-taking, and impulsive decision-making.
February, 2023 | 4 minutes read
Latin America is one of the most exciting regions to follow for innovation in the financial sector and the emerging fintech ecosystem. Updates to infrastructure through open banking initiatives, embedded finance, Banking-as-a-Service (BaaS), and more are helping to bring payments and banking to those underserved by the existing financial system.
February, 2023 | 3 minutes read
There is no doubt that globalisation has been an incredible driving force in recent decades, powering businesses to transcend national and international borders. But the benefits of globalisation are also accompanied by certain responsibilities such as the need to comply with local laws. Without comprehensive compliance, it is merely a matter of time before any company’s business operations begin to unravel.
January, 2023 | 5 minutes read
Today, the growing global banking solutions market is like an ocean replete with diverse products and players. As financial firms across the globe strive to capture a major share of this market, the words of Japanese writer Ryunosuke Satoro spring to mind:
January, 2023 | 3 minutes read
According to industry predictions, real-time payments (RTP) represent the future of the evolving payments ecosystem. Influenced by the pandemic, RTP’s share of transactions doubled in the US in 2020, as reported by ACI Worldwide. By 2025, the report estimates that RTPs will have a CAGR of 43.4% with 6.2 billion extra transactions.¹
December, 2022 | 4 minutes read
As our society becomes more globalized, there will soon be no borders for capital. Globally, the amount of money being sent as remittances has seen significant growth as a direct result of increased migration as well as expanded business activity on a worldwide scale.
November, 2022 | 4 minutes read
The world of cross-border payments is complex, to say the least. When such payments or remittances need to be made across 100+ countries across the globe, the complexity is further compounded.
September 2022 | 3 minutes read
Worldwide, as steps are underway to boost financial inclusion, the measures are benefitting millions of underbanked people. Finally, underserved cohorts are gaining access to savings accounts, investments, loans, and other financial products. To achieve an objective based on user convenience, technology is being used to drive financial inclusion across all geographies, including remote regions.
June 2022 | 4 minutes read
Contrary to what many people automatically assume, the beginning of any partner relationship in the payments industry is not only about KYC and compliance. Although KYC is a cornerstone of our industry, and we won’t survive long if we don’t get it right, the start of the relationship is much more.
June 2022 | 5 minutes read
In a global economy, the ability to make borderless payments is essential for businesses and consumers alike. Moving money successfully across borders is fundamental to international commerce as it drives and sustains economies in developed and emerging markets. Cross-border payments are the oil that keeps the globalization machine going.
June 2022 | 5 minutes read
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.
June 2022 | 5 minutes read
Global payments will continue to grow and evolve as borders become increasingly irrelevant to consumers, whether you’re in the Business-to-Consumer or Business-to-Business market. While most people think of e-commerce and online shopping in the Business-to-Consumer market as the most relevant, Business-to-Business global payments have been growing rapidly.
June 2022 | 5 minutes read
The global digital payments market is evolving rapidly. Africa is one of the key regions at the forefront of this evolution with digital payments methods steadily rising across the region.
June 2022 | 3 minutes read
The mobile wallet market is slated to increase at a 25% CAGR between 2022 and 2028. One of the major drivers for this universal rise is the increasing number of smartphone users globally. As per Statista, global smartphone subscriptions in 2022 have already *surpassed six billion, with the highest number of subscribers in China, India and the US.
June 2022 | 4 minutes read
For us, International Women’s Day is not just a celebration of women’s history but also an opportunity to start a dialogue. This year we did exactly that and discovered what our global workforce has to say about breaking stereotypes and enabling equality.
April 2022 | 9 minutes read