TerraPay, the global cross-border payments network, is partnering with Dubai Duty Free, a travel retail operator, aiming to bolster the availability of alternative payment methods in the UAE, by making it possible to make purchases at DDF outlets with telecom digital wallets.
Thanks to the collaboration, Dubai Duty Free can now access TerraPay’s global partner networks, which covers over 2.2 billion mobile wallets, as well as its cross-border payments infrastructure enabled through two leading global payments infrastructure companies in the UAE, Network International and Magnati.
Dubai Duty Free hopes to empower its customers’ payment preferences by expanding the payments ecosystem to include more convenience via Mobile Money Wallets in addition to existing payment methods. MTN, M-Pesa and Airtel are some of the leading mobile money companies partnering with TerraPay, to enable their users to use their digital wallets at Dubai Duty Free.
Ambar Sur, founder and CEO at TerraPay, explained: “Our partnership with DDF marks a significant milestone in our journey to enable financial inclusion at a large scale.
“DDF, the world’s largest retailer, opened up new avenues for seamless Mobile Money Wallet payments within its vast network at their three terminals utilising TerraPay’s robust cross-border payment infrastructure that has enabled us to deliver faster, more innovative and transparent cross-border payment solutions to our partners around the world.”
Mobile Money Wallet enables users to deposit money into an account linked to their mobile phone number and access it for digital services directly in stores.
Extending the ‘reach of financial inclusion globally’
Following the global impact of the Covid pandemic, alternative payment methods, particularly digital wallets, have experienced robust double-digit growth. The projected global value of digital wallets is expected to reach trillions of dollars by 2026, positioning them as a significant trend shaping the global payment industry.
Colm McLoughlin, executive vice chairman and CEO of Dubai Duty Free, also commented on the partnership: “We are reinforcing our commitment to empowering travellers through DDF to make purchases using payment methods of their choice. DDF has always been at the forefront of harnessing technology and partnerships to offer the best to our customers, and now with access to TerraPay’s vast network, we’re excited to offer the best to our customers.
“TerraPay aligns with our commitment to extend the reach of financial inclusion globally, which enables us to open up new and innovative forms of acceptance for a large segment of unserved populations, and we are extremely proud of that.”
With a shared dedication to providing diverse and forward-thinking payment solutions, TerraPay and DDF embark on a journey to redefine convenience and accessibility in retail transactions. This partnership not only reflects the adaptability of the retail industry but also showcases the transformative power of collaboration in shaping the future of global commerce.
