UAE-based Network International and TerraPay have successfully executed the first live African mobile wallet-based transaction in the UAE.
The transaction, which took place at Expo 2020 Dubai, demonstrated how visitors from the African continent will soon enjoy a secure payment experience across Network’s terminals and e-commerce merchants in the UAE.
Against the backdrop of growing global appetite for contactless payments, the transaction is a step towards boosting mobile wallet penetration in the underpenetrated MEA region.
According to a recent market analysis report, mobile wallets continue to rise at the point of sale, jumping 55 percent annually in 2021 across the Middle East and Africa.
Ani Sane, co-founder and chief business officer, TerraPay, said: “We are super-charged about our association with Network International… Together we will be initiating mobile wallet acceptance across multi-channels on Network International’s UAE merchant ecosystem.”
Nandan Mer, group CEO, Network International, added: “Expo 2020 Dubai is the apt stage for our landmark first mobile wallet transaction with TerraPay as we work towards expanding our digitally connected payments ecosystem in the UAE and across the MEA region.”
TerraPay has already built an extensive network, enabling over 1.5 billion mobile wallets across the globe.
Mer added: “Our strategic collaborations with world-class, innovative partners are supporting the transition to cashless for several regional economies while enhancing the payment experience for merchants and consumers alike.”
With the association, TerraPay, headquartered in The Netherlands, said it seeks to expand its presence across the growing Middle East payments market. The company is regulated in over 25 global markets around the world.