TerraPay & Beyon Money partner to enhance outward remittances from Bahrain to key corridors

TerraPay & Beyon Money partner to enhance outward remittances from Bahrain to key corridors

LONDON/PRNewswire/ -- TerraPay, a leading global payments infrastructure company, today announced its partnership with Beyon Money part of the Beyon Group and the first financial super app in Bahrain. As part of the partnership, the companies will enable a large addressable remitters market in Bahrain to transact across all key corridors enabling customers with a swift, secure & affordable network for real time payouts to their loved ones. Customers will be able to make instant payouts from Bahrain to all key corridors including India, Bangladesh, Pakistan, Nepal, Sri Lanka, Philippines, Kenya, Uganda, Cameroon, Ghana, Thailand & Indonesia.

In the last 20 years, the GCC's remittance industry has undergone a rapid transition. The total cost of remittances sent abroad by GCC nations increased from USD 25.77 billion to over USD 118 billion over that time, representing a cumulative growth of 357%.[1] With the advent of technology, digital penetration continues to grow. At present, the transaction value in the Digital Remittances segment of Bahrain is projected to reach US$151.00m in 2022 & is expected to show an annual growth rate (CAGR 2022-2027) of 9.55% resulting in a projected total amount of US$238.20m by 2027.[2]

As the digital remittance market continues to grow in the