Global payments infrastructure TerraPay has partnered with Melbourne-based fintech Zai to strengthen the global payments ecosystem in Australia.
The companies will provide a cross-border payment system to clients, with Australian customers able to enact quick, secure, and affordable real-time payments across the world.
FIS’ recent Global Payments Report stated that Australia is leading the global shift from cash use, and predicted that point-of-sale cash transactions will reduce to two per cent by 2025.
TerraPay and Zai aim to harness the potential of this trend — their partnership will improve coverage and allow for omni-channel capabilities and combined solutions, TerraPay claims.
Sukesh Malliah, regional director of APAC at TerraPay, says: “Australia as a market is adopting digital payments at a rapid pace, making it a lucrative market for us. Our partnership with Zai will allow us to empower Australian customers with our innovative payments platform and technology, providing them with access to efficient, scalable, and affordable means to send real-time payments across our deep-rooted global payments network.
“Through transparency and real-time credits led by industry benchmark compliances, we believe we will strengthen the real-time transactions in Australia, furthering our mission of creating cashless economies.”
Sanjeev Kumar, chief product officer at Zai, adds: “This partnership demonstrates our ambition to scale beyond borders. The collaboration provides us with the opportunity to tap into TerraPay’s widespread network of 26 global markets and enable customers globally to make real-time payments at a low cost.”
