TerraPay, a leading global payments infrastructure company, announced its partnership with QIWI Bank Russia, which operates the CONTACT Payment System. QIWI Bank belongs to QIWI plc, a publicly traded Russian payment service provider headquartered in Nicosia. that operates electronic online payment systems. The partnership aims at facilitation of instant payouts to RUB bank accounts of individuals and legal entities in Russia and to QIWI wallets. As a part of the collaboration, TerraPay’s send partners from across the globe are empowered to send money to Russia, securely, efficiently, transparently and in real time.
TerraPay has always been committed towards building global digital payment highways that interconnect financial institutions such as Banks and Mobile Wallets across the world, nurturing financial inclusivity, independence and empowerment to all in the global ecosystem. With this tie-up, TerraPay’s global footprint reaches 71 countries.
People in Russia who do not have access to traditional cross border remittances channels like cash will now be able to send and receive remittances directly into their mobile wallets and bank accounts.
“In 2020, the share of remittances via CONTACT System from overseas countries accounted for 45% of the total amount of remittances, 40% of which were sent to Russia. Inflows of account and card credits from overseas countries to Russia reached 74%. Last year the remittances market underwent significant changes: there has been a consistent tendency towards the migration from offline to online remittances, which holds special promise for our partnership with TerraPay.” - said Sergey Nesterov, Managing Director of CONTACT Payment System, QIWI Bank, on the newly formed partnership with TerraPay.
The Russian markets have a large potential payments ecosystem, including significant Business, and Education payment requirements. With TerraPay’s expansion into these economies, individuals and businesses across the globe who have to send remittances into Russia can do so through TerraPay’s deep-rooted global partner network of 4 Bn+ Banks and 500 Mn+ Mobile Wallets. TerraPay’s state-of-the-art interoperability engine will enable its partners’ customers to send and receive payments on a scalable, secure, transparent, and efficient platform, and with assured same day credit transfers. All this, at a nominal rate.
“We are pleased to partner with QIWI Bank. By facilitating same day international digital money transfers and bank account crediting into Russia, we are actually benefiting our send partner across the globe and our receive partners within Russia. Russia’s Digital payments segment is projected to reach US$72,927m by the end of 2021 making it one of the prime digital economies with a thriving potential for seamless cross border digital remittance transactions.” said, Ani Sane, Co-Founder and Chief Business Officer, TerraPay
Speaking on the foray into Russia, Veera Muthuswamy, Regional Director, TerraPay, said, “Our main goal is to make digital payments affordable, accessible and simple. TerraPay’s vision is aligned to achieving the SDG 2030 goal of fostering economic growth and equality, by reducing remittance costs and mobile wallet remittances. This partnership with Qiwi Wallets resonates with our greater objective. ”
TerraPay has established itself as a global partner to leading banks, money transfer operators, mobile wallet operators and financial Institutions to facilitate digital transactions without borders. As a B2B company, TerraPay partners with other businesses and helps them leverage its agile, secure, and scalable technology platform to enhance their customer proposition for remittances, payments, and cross border spends. TerraPay is regulated in over 45 countries around the world.
TerraPay is a licensed digital payments infrastructure and solutions provider, paving the global payments highway. The company’s robust foundation and innovative platform technology serve as the digital interoperability engine enabling customers and businesses globally 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 while adhering to complex regulations and compliance standards in different markets.
About QIWI Bank
QIWI is a leading provider of next-generation payment and financial services in Russia and the CIS. It has an integrated proprietary network that enables payment services across online, mobile and physical channels. It has deployed over 18 million virtual wallets, over 113 000 kiosks and terminals, and enabled merchants and customers to accept and transfer over RUB 135 billion cash and electronic payments monthly connecting over 31 million consumers using its network at least once a month. QIWI’s consumers can use cash, stored value and other electronic payment methods in order to pay for goods and services or transfer money across virtual or physical environments interchangeably.