ISTANBUL, Oct. 18, 2023 /PRNewswire/ — TerraPay, a leading cross-border payments network, and Papara, a leading fintech company in Turkey, have announced a ground-breaking partnership aimed at reshaping the landscape of global money movement. With this strategic alliance, TerraPay and Papara are set to provide nearly 17 million Papara wallet users with a secure, simple, and seamless way to transfer money worldwide.
This collaboration reflects a shared commitment to enhancing financial inclusion and accessibility, with the goal of eliminating obstacles such as friction and high cost surrounding cross-border payments and granting migrant workers and their families greater financial autonomy.
The digital payments market in Turkey is anticipated to witness remarkable growth, projected at 15.78% from 2023 to 2027, resulting in a market volume of US $136.90 billion in 2027.* Papara, as a market leader in Turkey, is renowned for its innovative solutions and unwavering focus on delivering exceptional user experiences. By integrating with TerraPay’s agile technology and extensive global network, complemented by unparalleled compliance capabilities, Papara aims not only to bolster its financial offerings but also to fuel its future expansion initiatives.
“We are thrilled to partner with Papara to redefine the way money moves globally,” said Miller Rodriguez, Strategic Relationship and Sales Manager, Europe – UK, TerraPay. “This collaboration marks a significant step forward in our mission to make cross-border payments more accessible and user-friendly for people everywhere. Together with Papara, we aim to empower millions of individuals in Turkey and beyond, with the ability to send money to loved ones, support families, and pursue their dreams.”
TerraPay’s innovative and efficient cross-border payment platform has earned itself a reputation as a global leader in facilitating international money transfers. Papara, with its forward-thinking approach and customer-centric solutions, has established itself as a fintech pioneer in Turkey. This partnership between two industry trailblazers holds the promise of revolutionizing cross-border payments, ultimately benefiting millions of individuals and businesses.
“Empowering our customers with fast, secure, and affordable cross-border payment options has always been at the heart of Papara’s mission,” said Özge Çelik, Head of Product at Papara. “By joining forces with TerraPay, we are taking a monumental step towards making this mission a reality. Together, we are poised to deliver innovative, hassle-free international money transfer solutions to more than 17 million users, enriching their financial lives and connecting them with the world.”
In the coming months, TerraPay and Papara will work closely to roll out their enhanced cross-border payment solutions, providing Papara users with unparalleled access to the global financial landscape.
TerraPay simplifies the movement of money everywhere – providing a single connection to the most expansive cross-border payments network regulated in 29 global markets and enabling payments to 120+ receive countries, 210+ send countries, 7.5Bn+ bank accounts and 2.1Bn+ mobile wallets. TerraPay is on a mission to connect a borderless financial world, making moving money everywhere instant, reliable, transparent and fully compliant. TerraPay pushes the boundaries for global businesses – ranging from banks, fintechs and money-transfer operators to travel businesses, creator economy platforms and e-commerce marketplaces – while driving financial inclusion in even the most inaccessible markets. Founded in 2014, TerraPay is headquartered in London, with global offices in Dubai, Miami, Bogota, Dakar, Joburg, Nairobi, Milan, Singapore and is expanding rapidly, having received funding from leading investors, including the IFC (the World Bank), Prime Ventures, Partech Africa and Visa.
Papara is a leading fintech company in Turkey, dedicated to simplifying financial experiences for individuals and businesses. Papara’s user-centric approach has made it a trusted name in the Turkish digital payments landscape. The company offers a range of financial services, including a mobile wallet, prepaid card, and more.