TerraPay's path to expansion and growth
In a conversation on LinkedIn, Ruben Salazar, the former Global Head of Visa Direct and current President at TerraPay, discussed the company's strategic plan to grow its cross-border payments business. Joining him in the discussion were TerraPay's Co-Founders, Ambar Sur and Ani Sane.
TerraPay, which currently boasts around 30 licences and regulatory approvals, aims to scale its business beyond peer-to-peer (P2P) payments and address the wider cross-border payments industry. The company sees agnostic rails as key to addressing its growth and is looking to broaden to "four to five verticals".
Salazar expressed his belief that TerraPay is better-placed to support the growing demand for mobile wallets, particularly in emerging markets. He believes that the company's platform will enable not only P2P payments but also cross-border business-to-business (B2B) payments, e-commerce transactions, and other financial services that require seamless international money movement.
The strategic plan involves developing products that integrate with local payment systems worldwide to facilitate faster, cost-effective, and accessible cross-border payments at scale. This approach includes innovation in payment solutions, expanding to multiple use cases, building partnerships and integrations, and establishing global product leadership.
The company's strategy is to position TerraPay as a comprehensive cross-border payments enabler by leveraging technology to provide seamless, instant, and cost-efficient services for diverse financial flows beyond just P2P money transfers.
TerraPay's platform Market Sizing data shows that the consumer-to-consumer cross-border payments market is expected to have a Total Addressable Market (TAM) of $3.3tn in 2030. The B2B cross-border payments market is expected to reach $56.1tn according to TerraPay's data.
However, as TerraPay scales, it is expected to face increased regulatory scrutiny. The company considers compliance foundational to its business and is committed to maintaining the highest standards in this area.
In conclusion, TerraPay's strategic plan is ambitious, aiming to grow its transactions from millions to billions. With its innovative approach, global partnerships, and focus on multiple use cases, TerraPay is poised to make a significant impact on the cross-border payments industry.
TerraPay's strategic plan involves not only expanding its current cross-border payments business but also addressing the market sizing of multiple sectors, such as finance and technology, to scale beyond peer-to-peer payments and tackle the wider cross-border payments industry. With the aim of positioning itself as a comprehensive cross-border payments enabler, TerraPay will focus on developing products that integrate with local payment systems worldwide, leveraging technology for seamless, instant, and cost-efficient service provision for diverse financial flows, including business-to-business (B2B) payments.
