Nagad Limited, a mobile financial service provider in Bangladesh, has joined forces with TerraPay, a global payments network. The aim, the partners say, is “to revolutionize the landscape of cross-border remittances”.
Nagad says it has partnered with TerraPay to leverage its interoperability platform and vast network spanning 200 countries. This strategic alliance empowers Nagad to establish a streamlined avenue for real-time, cross-border money transfers, ensuring that expatriates and their families have access to high-security features and a government incentive of BDT 25 (US$0.23) per BDT 1,000 (US$9.11) when receiving remittances in their Nagad wallets, all at a minimal cost.
This collaboration also empowers Nagad to connect with TerraPay network's presence across the globe, ensuring 24/7 availability of services throughout the year. Trust Bank Limited, a private commercial bank in Bangladesh, played a pivotal role in facilitating the partnership between TerraPay and Nagad, allowing Nagad Limited to operate as a remittance service provider approved by the Bangladesh Bank.
TerraPay is registered and regulated across 29 international markets serving as a partner to banks, mobile wallets, money transfer operators, merchants and financial institutions worldwide.
Furthermore, Visa's strategic equity investment in TerraPay enhances the digital cross-border commerce experience for consumers and small-to-medium-sized businesses. The investment was announced in May this year, when the companies also said they were collaborating to connect Visa solutions to the TerraPay network to help streamline digital cross-border commerce for consumers and SMBs.
Visa Direct, which facilitates the delivery of funds directly to eligible cards, bank accounts, and wallets around the world, is the first solution to connect to TerraPay’s network of wallet providers.
