Digital wallets, as opposed to conventional bank accounts, are used by hundreds of millions of customers and organizations to conduct transactions globally.
This is particularly true in emerging nations, where the widespread use of mobile devices provides a platform for moving away from cash and coinage. However, the transition from a cash-based to a digital world also forces players to deal with various legal and compliance frameworks, and for enterprises, there is a requirement to seek licenses to operate in a certain nation.
Small companies (SMBs), which employ 90% of the workforce and contribute 70% of GDP, are particularly affected.
Because of this, “A large portion of these SMBs are not participating in the digital economy,” Ruben Salazar Genovez, worldwide head of Visa Direct at Visa, told Karen Webster.
Visa and TerraPay announced on May 10 that they are collaborating to connect Visa solutions to the TerraPay network of wallet providers to expand SMBs’ access to commercial cards, bank accounts, and mobile digital wallets across 26 global markets in order to increase that participation amid the ongoing great digital shift.
As Visa rails effortlessly link to a network of senders and recipients who are skilled at utilizing, and prefer to use, mobile and digital channels to transmit money across borders, it’s a fast road to financial inclusion.
