ABU DHABIUAE, November 9, 2023 /PRNewswire/ — Magnati, a leading payments company in Middle East, empowers merchants by adding a new payment method to its product suite in partnership with TerraPay, a leading global cross-border payments network with an expansive reach across over 7.5 billion bank accounts, 2.1 billion+ mobile wallets and 29 global license and regulatory approvals. This integration allows many African visitors and UAE residents to conveniently pay for goods and services using their preferred digital wallets. Over time, with more than 50,000 payment terminals accepting TerraPay-supported wallets in AfricaMagnati will drive innovation in the payments industry.
As a leading global partner of banks, mobile wallets, money transfer operators and financial institutions, TerraPay brings a wealth of experience 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 the UAE at Magnati 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 its strategic partnerships such as Airtel, M-PESA and MTN, on its payment terminals, Magnati caters to the diverse needs of both customers and merchants. The move not only improves convenience but also opens up new opportunities for businesses to capitalize on the growing tourism to the UAE from the African market.
Ramana KumarCEO of Magnati said: “Over time, Magnati’s 50,000+ payment terminals 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 provide seamless payment solutions that meet the evolving demands of our customers, while fostering stronger ties between the UAE and Africa.”
Annie SaneCo-Founder and Chief Business Officer, TerraPay said: “We are really proud to reveal our collaboration with Magnati, a highly trusted financial institution in the region. This collaboration symbolizes the perfect combination of technological innovation and mutual commitment to make payments accessible and convenient. With our expertise in interoperable platforms and cutting-edge mobile payment solutions, we are determined to deliver revolutionary acceptance solutions to African wallet holders, streamlining cross-border payments and money movement like never before. Together, TerraPay and Magnati are revolutionizing payment trends and technologies while prioritizing financial inclusion and convenience for everything.”
In conclusion, this strategic collaboration between Magnati and TerraPay positions the UAE as a hub for cross-border payments. This cooperation not only strengthens the ties between Africa and 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.
Magnati is a regional leader in the payment solutions industry, focused on direct acquisition, issuer processing and acquisition processing.
Magnati provides government, commercial and institutional customers with a smart payments platform using next-generation technology to deliver an enhanced experience and increased efficiency. The Magnati brand is charged with energy and potential and is set to transform payments into opportunities.
Headquarters in 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.
TerraPay simplifies the movement of money anywhere – providing a single connection to the largest cross-border payments network, regulated in 29 global markets and enabling payments to 120+ receiving countries, 210+ sending countries, 7.5 billion+ bank accounts and 2.1 billion + mobile wallets. TerraPay is on a mission to connect a borderless financial world, making moving money anywhere instant, reliable, transparent and fully compliant. TerraPay is pushing the boundaries for global businesses – from banks, fintech companies 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 Londonwith global offices in Bangalore, Dubai, Miami, BogotáDar es Salaam, Kampala, The Hague, DakarJoburg, Nairobi, MilanSingapore and is expanding rapidly after receiving funding from leading investors including IFC (World Bank), Prime Ventures, Partech Africa and Visa.
For more details visit www.terrapay.com
Contact with the media