Cross-border payments network TerraPay and Papara, a fintech company based in Turkey, have partnered to provide users a way to transfer money worldwide. The partnership aims to eliminate the high cost of cross-border payment for Papara wallet users.

Miller Rodriguez, the Strategic Relationship and Sales Manager, Europe – UK, at TerraPay, said: “We are thrilled to partner with Papara to redefine the way money moves globally. This collaboration marks a significant step forward in our mission to make cross-border payments more accessible and user-friendly for people everywhere.”

Targeting Expanding Cross-border Payments

According to a statement provided by TerraPay, the cross-border network and Papara will roll out their cross-border payment solutions over the coming months. The digital payments market in Turkey is expected to grow at a rate of 15% from 2023 to 2027, resulting in a market volume of US $136 billion in 2027.

Recently, TerraPay obtained a Major Payment Institution license from the Monetary Authority of Singapore. This license enables the company to offer its network and infrastructure services to both local and international companies, including those in the cryptocurrency sector, across more than 200 countries.

With approximately 50% of TerraPay’s revenue originating from Asia, Singapore holds a pivotal role as a gateway to Southeast Asian markets, including South Korea, Vietnam, and the Philippines. By integrating with TerraPay’s technology and global network, Papara aims to strengthen its financial offerings and facilitate its future expansion initiatives.

TerraPay and Papara’s Strategic Expansion

In July, Papara entered into a deal with Spain’s Beka Finance SV SA, becoming the first fintech firm in Turkey to reach a valuation exceeding $1 billion, Bloomberg reported. This followed a deal between Spain’s Beka Finance SV SA. This strategic acquisition expanded Papara’s offerings, including mobile banking services such as money transfers, prepaid cards, and cash-back features.

Papara, initially established in 2016 as an electronic payments firm, had been self-funding its growth until the pivotal partnership with Beka Finance. In addition to core banking services, Papara expanded its product offerings to include insurance services covering pets, homes, travel, and mobile devices in the current year.

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