Business

Network International(Network), the leading enabler of digital commerce across the Middle East and Africa (MEA), andTerraPay,a global payments infrastructure company, facilitating digital transactions without borders, have successfully executed the first live African mobile wallet-based transaction in the UAE using Networks N-GeniusTMPOS terminal.

The transaction, which took place at the Alkebulan African Food Hall, Expo 2020 Dubai, demonstrated how visitors from the African continent will soon enjoy a hassle-free, safe and secure payment experience across Networks terminals and ecommerce merchants in the UAE, using TerraPays payment processing rails.

Against the backdrop of growing global appetite for contactless, the transaction is a step towards boosting mobile wallet penetration in the underpenetrated MEA region. According to a recent market analysis report, mobile wallets continue to rise at the POS, jumping 55% YoY in 2021 across the Middle East and Africa.

Speaking on the partnership,Ani Sane, Co-founder and Chief Business Officer, TerraPay,commented, We are super-charged about our association with Network International. TerraPay has already built an extensive network, enabling 1.5Bn+ mobile wallets across the globe and Network International continually seeks to collaborate with world class, innovative partners to deliver solutions to the markets in which they operate. Together we will beinitiating mobile wallet acceptance across multi-channels on Network Internationals UAE merchant ecosystem. Our association is yet another step to build sustainable and scalable interoperable payment options that drive the transformation towards a cashless society, in paving the way for financial inclusion.

Nandan Mer, Group CEO, Network International,said Expo 2020 Dubai is the apt stage for our landmark first mobile wallet transaction with TerraPay as we work towards expanding our digitally connected payments ecosystem in the UAE and across the MEA region. TerraPay has built an extensive network with interoperability at its core supporting 1.5Bn+ mobile wallets. We are delighted about our association and to work with them in the future to expand our ability for UAE merchants to soon accept yet another alternate payment method, allowing customers to pay via the convenience and flexibility of their mobile wallet.

With the association, TerraPay seeks to expand its presence across the growing Middle Eastern payments market, connecting global mobile wallet partners on a seamless and innovative payment solutions platform, across Network Internationals rich merchant base in the UAE.

TerraPays vision is aligned to achieving the UNs 2030 Sustainable Development Goal of fostering economic growth and equality, by reducing the cost of transactions across diverse payment channels such as mobile wallets and bank accounts, to name a few.

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