ABU DHABIUnited Arab Emirates, November 9, 2023 /PRNewswire/ — Magnati, a leading payments company in Middle East, empowers merchants by adding a new payment method to its suite of products in collaboration with TerraPay, a leading global cross-border payments network, with extensive reach across more than 7.5 billion bank accounts, over 2.1 billion mobile wallets and 29 global licenses and regulatory approvals. This integration allows many African visitors and residents in the UAE to easily pay for goods and services using their favorite digital wallets. Over time, with over 50,000 payment terminals accepting TerraPay-powered wallets in AfricaMagnati will drive innovation in the payments industry.
As a leading global partner to banks, mobile wallets, money transfer operators and financial institutions, TerraPay brings extensive expertise and a strong network to this collaboration. Their role as an aggregator of leading digital and mobile wallets allows Telco Wallet holders to Africa to enjoy simple and secure cross-border payments in the United Arab Emirates on Magnati payment terminals.
In a very competitive market, Magnati’s new offering stands out from other players in the sector. By activating wallets Africa, through its strategic partnerships like Airtel, M-PESA and MTN, on their payment terminals, Magnati meets the diverse needs of customers and merchants. The move not only improves convenience but also opens new opportunities for businesses to tap the growing tourism to the UAE from the African market.
Ramana KumarCEO of Magnati said: “Over time, more than 50,000 Magnati payment terminals will be able to accept payments using popular wallets from Africa in their respective local currencies. This exciting collaboration with TerraPay demonstrates our commitment to providing seamless payment solutions that meet the evolving demands of our customers, while fostering stronger ties between the UAE and Africa“.
Ani Saneco-founder and commercial director, TerraPay said: “We are truly proud to unveil our collaboration with Magnati, a highly trusted financial institution in the region. This collaboration symbolizes the perfect blend of technological innovation and a mutual commitment to making payments accessible and convenient. With our expertise in interoperable platforms and cutting-edge mobile payment solutions, we are committed to providing revolutionary acceptance solutions to African wallet holders, streamlining cross-border payments and money movement like never before. TerraPay and Magnati are together revolutionizing payment trends and technology, while prioritizing financial inclusion and convenience for all.”
In conclusion, this strategic collaboration between Magnati and TerraPay positions the UAE as a cross-border payments hub. This collaboration not only strengthens the links between Africa and the UAE, but also positions both regions for accelerated growth in the digital payments landscape. The convenience and accessibility offered by this new payment method will undoubtedly benefit industry players, the public, customers and merchants.
About Magnati
Magnati is a regional leader in the payment solutions industry focused on direct acquiring, issuer processing and acquiring processing.
Magnati provides government, merchant and institutional customers with an intelligent payments platform, using next-generation technology to deliver enhanced experiences and increased efficiency. The Magnati brand is charged with energy and potential and is intended to transform payments into possibilities.
Based at Abu DhabiMagnati’s expertise and relationships provide a platform for Magnati to attract international partners, while setting a new standard for innovation and delivery in the payments industry.
Visit www.magnati.com for more information.
About TerraPay
TerraPay simplifies the movement of money anywhere by providing a single connection to the largest cross-border payments network regulated in 29 global markets and enabling payments to over 120 receiving countries, over 210 sending countries, over 7 .5 billion bank accounts and over 2.1 billion mobile wallets. TerraPay’s mission is to connect a financial world without borders, making money transfers anywhere instant, reliable, transparent and fully compliant. TerraPay pushes the boundaries of global businesses – from banks, fintechs and money transfer operators to travel businesses, creative economy platforms and e-commerce marketplaces – while driving financial inclusion itself in the most inaccessible markets. Founded in 2014, TerraPay is headquartered in Londonwith global offices in Bengaluru, Dubai, Miami, BogotaDar es Salaam, Kampala, The Hague, DakarJohannesburg, Nairobi, MilanSingapore and is expanding rapidly, with funding from leading investors including IFC (the World Bank), Prime Ventures, Partech Africa and Visa.
For more details, visit www.terrapay.com
Media contact
Juvéria Samrin
juveria.n@terrapay.com
SOURCE TerraPay
