TerraPay, a leading global payments infrastructure company, has announced its partnership with Zai, the global financial technology company delivering embedded finance orchestration solutions. Together, TerraPay and Zai aim to strengthen and unify the global payments ecosystem in Australia, by offering a seamless cross border payments experience to their customers from Australia to across the world. This association will enable both partners to leverage each other’s innovative and far-reaching technology to provide better coverage, omni-channel capabilities & combined solutions to scale their respective offerings globally.
The Global Payments Report by FIS stated that Australia is one of the fastest countries to move away from cash. The report stated that Australia’s use of cash in Point-of-Sale transactions will decline to 2% by 2025 from its present 7% as a growing number of Australians choose to pay with digital wallets. Furthermore, the report highlights that by 2025, compared to any other country in the APAC region, Australia will be far ahead when it comes to being cashless, with a predicted cash share of just 2% across Point-of-Sale (POS) payments. The strategic alliance between TerraPay and Zai will unlock the vast potential that the Australian payments landscape holds. This association will allow Australian customers access to quick, secure, and affordable real-time payments across the world.
Commenting on the partnership Sukesh Malliah, Regional Director – APAC, TerraPay shared, “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”
Speaking about the partnership, Sanjeev Kumar, Chief Product Officer, Zai said, “This partnership with such a well-respected global payments infrastructure company as TerraPay 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”.
