TerraPay has partnered with mobile transfer firm bux to support real time cross-border money transfers from Australia, Hong Kong, the U.K and Europe to India.
In operating as a mobile payments "switch," TerraPay delivers B-to-B processing, clearing and settlement for mobile wallets. Bank customers, mobile wallet systems, card issuers and money transfer operators can use the service to support faster payment from different platforms and countries.
“The partnership between TerraPay and bux aims to add value to the growing remittance market," Ambar Sur, founder and CEO of TerraPay said in a Sept. 21 press release.
The partnership with TerraPay and bux is designed to cut costs from money transfers to bank accounts in India, and easier execution in a few taps on a mobile phone. Expected users are expats, foreign workers, international students and migrants, which can use the app to avoid trips to agent locations or bank branches, and transaction times of up to a week for small value transfers.
"Adding this growing remittance corridor to the app will ensure continued customer growth for bux," said Andrew Webber, managing director of bux, in a release.