TerraPay and Instant Cash are teaming up to enable real-time cross-border money transfers to mobile wallets, according to a press release. Powered by TerraPay's global clearing and settlement service for mobile wallets, the partnership will make cross-border money transfer faster and convenient for migrants. Instant Cash's global agent network expanded their services by offering cross-border transfers to mobile wallets, according to the release. In the initial rollout, TerraPay has enabled Instant Cash customers to send remittances to mobile wallets in Nigeria, Tanzania and Uganda. In Nigeria, migrants can send money to any mobile number as well as bank accounts. In Tanzania, migrants will be able to send remittances directly to Vodacom M-Pesa, Tigo Pesa, Airtel Money and Zantel Ezy Pesa wallets. In Uganda, the friends and families of the migrants can receive money in their MTN and Airtel Money wallets. The service is expected to expand shortly in other countries in Africa which have a significant adoption of mobile money, according to the release. "Our strategic partnership will bring the convenience of mobile wallets to the global customer base of Instant Cash, making cross-border remittances faster, accessible and cheaper for the consumers," Ambar Sur, founder and CEO of TerraPay, said in the release.
TerraPay and Instant Cash have launched cross-border cash transfers to mobile wallets in parts of Africa. In its initial rollout, TerraPay lets Instant Cash customers send payments to mobile wallets in Nigeria, Tanzania and Uganda. In Nigeria, users can also send money to any mobile number while in Tanzania, customers can transfer funds to directly to Vodacom M-Pesa, Airtel Money, Tigo Pesa and Zantel Ezy Pesa wallets. Ugandan customers can receive cash in MTN and Airtel Money wallets. The companies hope to expand the service to other African countries.