TerraPay's Growth and Expansion Pathway
TerraPay Aims to Scale Beyond Peer-to-Peer Payments
TerraPay, a leading cross-border payment solutions provider, is looking to expand its horizons beyond peer-to-peer (P2P) transactions. The company, which currently focuses on facilitating P2P transactions, is planning to broaden its services to four to five new verticals, including gig workers and entertainment.
Ruben Salazar, the former Global Head of Visa Direct, has recently joined TerraPay as President, and he sees the company as well-positioned to support the growing demand for mobile wallets, particularly in emerging markets. Salazar played a significant role in growing Visa Direct to operate at scale, and he brings that expertise to TerraPay.
The Total Addressable Market (TAM) for consumer-to-consumer cross-border payments is predicted to reach $3.3tn by 2030, according to TerraPay's platform Market Sizing data. For business-to-business (B2B) cross-border payments, the TAM is expected to reach an impressive $56.1tn.
TerraPay already has approximately 30 licences and regulatory approvals, and the company is aiming to grow its transactions from millions to billions. However, as it scales, TerraPay expects to face increased regulatory scrutiny.
The company is also looking to address the wider cross-border payments industry by harnessing its existing network. TerraPay's goal is to leverage its extensive network to provide seamless and efficient cross-border payment solutions to a broader range of customers.
In addition to P2P payments, TerraPay is looking to diversify its services to include B2B and B2C transactions. This move could involve building partnerships with financial institutions or fintech companies to offer a wider range of payment solutions.
TerraPay is also considering entering new markets with growing demand for cross-border payments. By leveraging its existing network and technology, TerraPay aims to establish a presence in these markets and provide efficient cross-border payment solutions to customers worldwide.
The company is also planning to invest in advanced technologies like blockchain or AI to improve transaction speed, security, and efficiency across different types of payments. This investment in technology is expected to help TerraPay stay competitive in the rapidly evolving cross-border payments industry.
In conclusion, TerraPay is a company with ambitious expansion plans. With the growing demand for mobile wallets, particularly in emerging markets, and the vast TAM for cross-border payments, TerraPay is well-positioned to capitalize on these opportunities. By diversifying its services, entering new markets, and investing in advanced technologies, TerraPay aims to grow its transactions from millions to billions and become a leading player in the cross-border payments industry.
TerraPay is planning to invest in advanced technologies like blockchain or AI to expand its business, aiming to capitalize on the growing Total Addressable Market (TAM) for both consumer-to-consumer and business-to-business (B2B) cross-border payments. With the goal of broadening its services and network, TerraPay intends to harness technology to provide seamless and efficient cross-border payment solutions, not just in P2P transactions, but also in B2B and B2C transactions, thereby addressing the finance and technology needs of various business verticals.
