Magnati and TerraPay Join Forces to Transform Cross-Border Payments

Magnati, a prominent payments company in the Middle East, is elevating merchant capabilities by introducing a new payment method in collaboration with TerraPay, a leading global cross-border payments network with an extensive reach across 7.5 billion+ bank accounts, 2.1 billion+ mobile wallets, and 29 global licenses and regulatory approvals. This integration facilitates convenient payments for goods and services in the UAE by many African visitors and residents using their preferred digital wallets. Over time, Magnati aims to drive innovation in the payments industry with more than 50,000 payment terminals accepting TerraPay-powered wallets in Africa.

As a key global partner for banks, mobile wallets, money transfer operators, and financial institutions, TerraPay brings extensive expertise and a robust network to this collaboration. Acting as an aggregator of leading digital and mobile wallets, TerraPay enables Telco Wallet holders from Africa to experience simple and secure cross-border payments at Magnati's payment terminals in the UAE.

In a highly competitive market, Magnati distinguishes itself by offering a unique service. Through strategic partnerships with companies like Airtel, M-PESA, and MTN, Magnati enables wallets from Africa at its payment terminals, addressing the diverse needs of customers and merchants. This strategic move enhances convenience and creates new opportunities for businesses to tap into the growing tourism in the UAE from the African market.

Ramana Kumar, Chief Executive Officer of Magnati, emphasized, "Over time, more than 50,000 Magnati Payment Terminals will accept payments using popular wallets from Africa in their respective local currencies. This exciting collaboration with TerraPay reflects our commitment to providing seamless payment solutions that meet the evolving demands of our customers while fostering stronger ties between the UAE and Africa."

Ani Sane, Co-Founder & Chief Business Officer of TerraPay, expressed pride in the collaboration, stating, "This collaboration symbolizes the perfect blend of technological innovation and a mutual commitment to 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."

In conclusion, the strategic collaboration between Magnati and TerraPay positions the UAE as a hub for cross-border payments, strengthening ties between Africa and the UAE. This partnership sets the stage for accelerated growth in the digital payments landscape in both regions, offering enhanced convenience and accessibility for industry players, the public, customers, and merchants alike.

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