Six months after closing
a $100 million Series B funding round and then welcoming Visa as a
strategic investor one month later, mobile
payment services provider TerraPay is in the midst of rapid growth, with a
focus on strengthening its presence in emerging markets.
Founded in 2014, TerraPay works across several
verticals including travel, e-commerce, social media and commercial payments.
The company’s solutions are focused on efficient cross-border payments for both
B2B and B2C transactions.
In a discussion in the PhocusWire studio
at Phocuswright Europe in Barcelona this summer, TerraPay vice president of
payments Koert Grasveld explained how the company is working with Visa to
connect its “Visa Direct” solution to TerraPay’s network of wallet providers. Particularly
in emerging markets, said Grasveld, this type of solution can provide
much-needed efficiency to payment processing.
“Although virtual cards are well adopted
in the industry, we’ve also learned that close to 40% of all the suppliers do
not accept it … because the countries do not allow it or because they do not
have the financial knowledge in place in order to do so,” he said.
“With the rails we’ve built, it allows
the players like [online travel agencies] and travel agents to still have a method to pay local
suppliers apart from falling back to the traditional banking solutions that are
out there.”
Grasveld also discussed the company’s
future priorities, including building its own virtual credit card product.
Watch the full discussion with PhocusWire
editor in chief Mitra Sorrells below.
From our partners at Phocuswright Europe 2023: TerraPay