five leading digital wallet providers , from across the globe . It aims to break down the cross-border barriers that restrict digital wallets , strengthening the global wallet ecosystem through collaborative action . This ties back to our vision for founding TerraPay .
The council will advise the creation of common operating models , protocols and messaging standards to facilitate cross-border money movement from wallets to wallets under the corresponding regulatory framework .
Q . WALK US THROUGH TERRAPAY ’ S GROWTH IN THE DIGITAL PAYMENTS SPACE As a global money movement company , we ’ ve always been singularly focused on developing technology and building infrastructure that supports payment interoperability . The idea of interoperability played a key role in shaping our vision and what we do .
In making cross-border payments frictionless , we recognised there was an imbalance in how low-value payments were treated compared to high-value transactions . We saw this gap as an opportunity to make a difference while building a strong , agile , global payments infrastructure .
We look at small-value instant payments , allowing a different section of the world to be a part of financial inclusion .
TERRAPAY : KEY FACTS
TerraPay has 31 regulatory approvals and licences , operating in 145 receiving countries .
TerraPay ’ s team has grown from 36 members in 2015 to over 700 people from 40 + nationalities speaking 50 + languages .
Since early 2024 , TerraPay has added more than 15 new countries to its network .
TerraPay recently obtained licences from the Monetary Authority of Singapore , The Central Bank of Jordan and the Kingdom of Saudi Arabia .
The company has partnered with Swift to enable traditional financial institutions to access its mobile wallet network of 2.4 billion wallets .
TerraPay formed the Wallet Interoperability Council in August 2024 with 5 leading digital wallet providers .
The company has experienced a 53.7 % Compound Annual Growth Rate ( CAGR ) in wallet transactions in the last year .
97 % of TerraPay ’ s transactions are delivered in under 1 minute , and 96 % under 10 seconds .
By 2026 , digital wallet users are predicted to exceed 5.2 billion , with transaction values reaching US $ 2.3tn .