Beyon Money, part of the Beyon Group, has announced a partnership with TerraPay, a leading global payments infrastructure company. Through this partnership, Beyon Money and TerraPay will enable a swift, secure and affordable network for real-time payouts from Bahrain across key international corridors, including India, Bangladesh, Pakistan, Nepal, Sri Lanka, Philippines, Kenya, Uganda, Cameroon, Ghana, Thailand and Indonesia.
As the digital remittance market continues to grow in the Middle East region, customers demand an agile infrastructure to drive boundless small-value, large volume payments, globally. TerraPay empowers businesses with innovative and simplified payment solutions to bring the world closer and on the other hand, Beyon Money is propelling the region’s digital transformation by addressing access, reliability, and affordability needs to enhance the customer transaction journey.
The Beyon Money Super App enables consumers to connect to local bank accounts to review all transactions in one place, access financial insights to observe transactions and spending habits, spend with their Classic or Platinum Prepaid Card and send money abroad to many countries around the world. This partnership with TerraPay will complement the Super App’s existing remittance services by enhancing its international reach.
Commenting on the partnership, TerraPay Co-Founder & COO Ram Sundaram said, “It gives us immense pride to partner with Beyon Money, one of the most reliable financial partners in Bahrain. Our advanced payments system is designed to make digital transactions seamless, transparent and affordable which is also at the core of Beyon Money’s commitment. Together we will make digital transactions more secure and faster for customers in Bahrain. This association will further enhance interconnectivity, interoperability, and financial integration between domestic and cross-border digital payments.”
Beyon Money CEO Roberto Mancone commented, “We are delighted to collaborate with TerraPay to enable acceptance of real time payments across our network. Our partnership will allow money to move into the region with TerraPay’s unique technology platform, with interoperability at its core, backed by our strong customer network which can facilitate easy and quick transfer from Beyon Money to Bank Accounts, cash Pickups & Mobile wallets, serving consumers seeking secure contactless payments options.”
“The partnership with TerraPay enhances the financial services already offered to our customers and supports us with our expansion plans across the GCC and MENA regions. Our remittance services offered through the Beyon Money Super App allow customers to send money internationally both from their Beyon Money wallet or directly from their bank accounts,” Mr. Mancone added.
According to a report from Statista.com, Bahrain’s digital remittance segment continues to grow rapidly and is expected to show an annual growth rate (CAGR 2022-2027) of 9.55% resulting in a projected total amount of US$238.20m by 2027.