Visa Inc. (NYSE: V) announced on Wednesday it has formed a new partnership with TerraPay, a global payments infrastructure company, for the development and delivery of payment solutions in an effort to drive financial inclusion and cashless transactions for domestic payments and global remittances.
The duo further noted that the partnership is aimed to develop and deliver solutions to drive repeat consumption of mobile wallets and digital currency for digital payments and remittances. The partnership is also part of Visa’s global strategy to open up Visa’s network and support a broad range of players that are developing new commerce experiences, and transitioning to digital channels.
While speaking about the partnership, Otto Williams, Vice President and Head of Strategic Partnerships, Fintechs and Ventures in CEMEA at Visa, stated:
“Partnerships are fundamental to Visa’s business model and we look forward to collaborating with TerraPay to drive seamless and interoperable financial services and products to push much desired financial inclusion in our communities. Interoperability is key to a digitally connected payments ecosystem and we are excited that TerraPay is part of our growing Fintech Fast Track program as we work together to connect more communities with these solutions.”
The partnership with TerraPay comes just days after Visa announced it has launched a digital tool, Advanced Identity Score, to help U.S. financial institutions with their efforts to combat new account fraud. According to Visa, Advanced Identity Score combines Visa’s artificial intelligence and predictive machine learning capabilities with application and identity-related data to generate a risk score for new account applications to help reduce fraud, prevent negative impact to brand loyalty and trust, and eliminate operational costs due to remediation.