TerraPay reports a total value of £250 million international payments from the UK in 2021, with Africa the most active destination
TerraPay, a leading global payments infrastructure company, is reporting a bumper year-to-date of transactions from the UK to emerging markets, with over 1.5 million worth of remittances at a total value of over £250 million.
Throughout 2021, TerraPay has handled secure payments from the UK to 52 countries, with Ghana representing the most active payment corridor, comprising of over 27% of total transactions.
Three other African countries are in the top five of TerraPay’s UK business, with Uganda representing 14% of total transactions, Tanzania taking up 8% and Kenya 7%. In total, over 56% of recorded payments from the UK through TerraPay were sent to Africa with the average value £162, with the most popular mode of payment being via mobile wallets typically amounting between £80-110.
The UK to India payment corridor is TerraPay’s second largest by transaction count at 17%, however, it is the largest in terms of size of the total values recorded, with the average payment equalling £405.
TerraPay is offering UK startups and small businesses a simple cost-effective method of processing overseas transactions in one of the largest, most competitive and saturated cross-border remittance markets.
Predominantly a send market, TerraPay has also handled a large number of payments into the UK via real-time payments to bank accounts. In total, TerraPay processed transactions worth approximately £22 million from 26 countries into UK bank accounts in 2021.
Commenting on TerraPay’s increasing presence in the UK’s global payments industry, Ambar Sur, founder, and CEO, TerraPay, said:
“There is a huge opportunity for UK businesses to tap into the rapid growth and spend power of emerging nations, where the population is far more technologically active than is perceived.
“Having established TerraPay as a global partner to leading banks, money transfer operators, mobile wallet operators and financial institutions to facilitate digital transactions without borders, we are able to reduce the risk and cost associated with cash based transactions for recipients in low and middle income countries. It has also allowed us to grow our presence in the UK and support businesses that require access to emerging markets with the confidence of a secure and legally compliant transaction platform.”
Headquartered in Amsterdam, TerraPay is a licensed digital payments infrastructure and solutions provider, paving the global payments highway. The company’s robust foundation and innovative platform technology enables customers and businesses around the world to send and receive payments on a secure, transparent, efficient, and real-time basis. The agile network supports diverse payment instruments and types of payments.
For further information on TerraPay’s UK and global projects, visit www.terrapay.com
Looking to promote your product/service to SME businesses in your region? Find out how Bdaily can help →
Enjoy the read? Get Bdaily delivered.
Sign up to receive our popular morning National email for free.