TerraPay expands mobile payment service with acquisition of Pay2Global

Mobile payments company TerraPay has completed the acquisition of UK-based Pay2Global Limited, the company said.

Pay2Global is a regulated digital international money transfer company with passporting rights into the European Economic Area (EEA). The company said the acquisition helps TerraPay scale its service footprint in the 32 countries of the EEA, accelerating growth by expanding the reach and the range of its money transfer products.

TerraPay is building global payment infrastructure for low-value cross-border transactions. The service interconnects mobile wallet service providers, financial institutions and money transfer operators in key send and receive markets.

Following the acquisition, Pay2Global will be rebranded Terra Payment Services (UK) Limited and will commence services to key markets in Asia and Africa within the current financial year. Of the total USD110 billion of remittances sent by migrants living in Europe, an approximate two-thirds (USD73 billion) are sent to developing countries outside Europe.

TerraPay is a mobile-first international network, a company incubated by Mahindra Comviva.