PayPal, TerraPay Partner for Real-Time Payments in Middle East, Africa

PayPal has announced a partnership with TerraPay to enhance cross-border payment capabilities in the Middle East and Africa. This collaboration aims to facilitate real-time fund transfers by linking PayPal accounts with local banks and mobile wallets, thereby promoting financial inclusion in a region experiencing significant digital transformation. Otto Williams, PayPal's regional head, emphasized the commitment to overcoming financial barriers and supporting economic growth. The partnership aligns with growing consumer preferences for digital wallets, with a reported 42% of users favoring them for cross-border transactions. This initiative may also bolster PayPal's growth prospects in a booming digital payments market projected to reach $422.56 billion by 2030. Additionally, PayPal is expanding its cryptocurrency offerings, further diversifying its services in the competitive digital payments landscape.