ABU DHABI, UAE, Nov. 9, 2023 /PRNewswire/ — Magnati, a leading payments company in the Middle East, is empowering merchants by adding a new payment method to its product suite in collaboration with TerraPay, a leading global cross-border payments network, with an expansive reach across 7.5Bn+ bank accounts, 2.1Bn+ mobile wallets and 29 global licenses and regulatory approvals. This integration allows many African visitors and residents in the UAE to conveniently pay for goods and services using their preferred digital wallets. Over-time, with more than 50,000 payment terminals accepting TerraPay-powered wallets in Africa, Magnati will drive innovation in the payments industry.
As a leading global partner of banks, mobile wallets, money transfer operators, and financial institutions, TerraPay brings extensive expertise and a robust network to this collaboration. Their role as an aggregator of leading digital and mobile wallets makes it possible for Telco Wallet holders from Africa to enjoy simple and secure cross-border payments in UAE at Magnati’s payment terminals.
In a highly competitive market, Magnati’s new offering sets it apart from other players in the industry. By enabling wallets from Africa, through their strategic partnerships like Airtel, M- PESA, and MTN, at their payment terminals, Magnati is catering to the diverse needs of customers and merchants alike. This move not only enhances convenience but also opens new opportunities for businesses to tap into the growing tourism in UAE from African market.
Ramana Kumar, Chief Executive Officer of Magnati said, “Over time, 50,000+ Payment Terminals of Magnati will be enabled to accept payments using popular wallets from Africa in their respective local currencies. This exciting collaboration with TerraPay signifies our commitment to providing seamless payment solutions that meet the evolving demands of our customers, while also fostering stronger ties between the UAE and Africa.”
Ani Sane, Co-Founder & Chief Business Officer, 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 of making payments accessible and convenient. With our expertise in interoperable platforms and cutting-edge mobile payment solutions, we are determined to deliver groundbreaking acceptance solutions to African wallet holders, streamlining cross-border payments and money movement like never before. TerraPay and Magnati together are 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 hub for cross-border payments. This collaboration not only strengthens the ties 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 alike.
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 clients with an intelligent payments’ platform, using next generation technology to deliver improved experiences and increased efficiency. The Magnati brand is charged with energy and potential and is set to transform payments into possibilities.
Headquartered in Abu Dhabi, Magnati’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.
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 Bangalore, Dubai, Miami, Bogota, Dar es Salaam, Kampala, Hague, 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.
For more details, visit www.terrapay.com