TerraPay: How Digital Wallets Are Reshaping Global Finance
The future of banking might not be a bank at all. By 2026, more than half the world's population will be using digital wallets, transforming how people save, spend and send money across borders.
Speaking exclusively to FinTech Magazine, Ani Sane, Co-founder and Chief Business Officer of TerraPay, explains why this shift represents more than just technological progress.
“Digital wallets have evolved far beyond being a mere convenience,” says Ani.
“They're becoming powerful tools for financial mobility, especially in regions where traditional banking infrastructure remains out of reach.”
Reshaping Financial Identity
This transformation is particularly evident in Africa, where the disparity between mobile phone ownership and bank account access has created fertile ground for digital innovation.
While just 54% of African adults have a traditional bank account, mobile phone penetration reached 61% in 2023, according to World Bank data.
The impact extends far beyond a single continent. The Asia-Pacific region dominates global digital wallet spending, accounting for over two-thirds of worldwide transactions at US$9.8tn, and boasts the highest digital wallet penetration rates globally.
Meanwhile, in the MENA region, digital wallets have emerged as the fastest-growing online payment method. Saudi Arabia, in particular, has seen non-cash transactions surge to 57% in 2024, up from 36% in 2019, driven by an ambitious push toward a cashless economy by 2025 as part of Vision 2030.
“For millions of unbanked and underbanked individuals worldwide, digital wallets serve as their first entry point into the formal financial system,” Ani explains.
“They create financial footprints that enable access to essential services like credit and government benefits.”
For those living in economic hardship, remote areas, or politically unstable regions, digital wallets offer more than convenience—they provide a secure way to store and spend money while participating in the global economy.
This impact is particularly significant for communities traditionally excluded from formal financial systems.
“When wallets operate in silos, it creates unnecessary friction”
The Trust and Access Challenge
The success of these platforms hinges on several critical factors. “Many of our users rely on basic feature phones or USSD technology, often with limited mobile data access,” Ani notes.
“For these individuals, intuitive design and inclusive functionality are essential—a complex user experience isn't just inconvenient, it's a barrier to financial inclusion.”
Trust and reliability form the foundation of successful digital wallet adoption. “Users must feel confident that their wallets are secure and reliable,” he emphasises.
“Every payment must reach its intended recipient, and the system must function dependably under everyday conditions.” This emphasis on dependability is particularly crucial in regions where financial services have historically been unreliable or inaccessible.
The effectiveness of digital wallets, however, is often hampered by a lack of interoperability between different platforms and systems.
For individuals in remote areas or with limited resources, the need to juggle multiple wallets to receive payments or access different financial services can quickly become overwhelming.
“When wallets operate in silos, it creates unnecessary friction,” notes Ani. “The solution lies in creating seamless connections between platforms.
“When wallets are truly interoperable, sending money across borders becomes as simple as a domestic transaction.”
This interconnectivity is particularly crucial for cross-border remittances, where the ability to move money efficiently can have profound impacts on families and communities.
While the technical backend may involve complex processes and connections, these intricacies must never compromise the user experience.
The effectiveness of digital wallets, however, is often hampered by a lack of interoperability between different platforms and systems.
For individuals in remote areas or with limited resources, the need to juggle multiple wallets to receive payments or access different financial services can quickly become overwhelming.
“When wallets operate in silos, it creates unnecessary friction,” notes Ani. “The solution lies in creating seamless connections between platforms.
“When wallets are truly interoperable, sending money across borders becomes as simple as a domestic transaction.”
This interconnectivity is particularly crucial for cross-border remittances, where the ability to move money efficiently can have profound impacts on families and communities.
While the technical backend may involve complex processes and connections, these intricacies must never compromise the user experience.
“If we get this right, tomorrow's digital wallets won't just store and transfer value—they'll create it, both for individuals and economies alike. We must remember we're building for people, not just systems”
Economic Transformation and Social Mobility
The impact of digital wallet adoption extends far beyond individual convenience, creating ripple effects throughout local economies.
“We're seeing remarkable transformations in communities,” Ani shares. “These tools are promoting entrepreneurship, improving financial literacy, and driving social mobility by connecting users to new opportunities.”
Small business owners are discovering the transformative power of digital wallets, using them to manage payments, access loans, and connect with suppliers.
The ability to create a financial footprint through digital transactions opens doors to formal credit and broader business networks, enabling growth that was previously out of reach.
For migrant workers, these platforms have become essential tools for supporting families across borders, often a financial lifeline for families.
The combination of reliable service and intuitive interfaces ensures that remittances reach their intended recipients efficiently and securely.
“If we get this right,” Ani concludes, “tomorrow's digital wallets won't just store and transfer value—they'll create it, both for individuals and economies alike. We must remember we're building for people, not just systems.”
The transformation is already underway. As traditional banking boundaries continue to blur, the invisible bank in our phones might just hold the key to a more equitable financial future.
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