TerraPay joins with Bux to help Indian diaspora send money home
Mobile payments provider TerraPay has partnered with Australian fintech Bux to add India to Bux's app as a transfer destination for international payments. Indian nationals working overseas can now use Bux to send small sums instantly and relatively cheaply to bank accounts in India from Australia, Europe, Hong Kong and the UK. TerraPay is part of India's Mahindra Group.

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TerraPay, the mobile payments switch, has partnered with bux, a mobile app money transfer service, to launch anywhere, anytime instant cross border money transfers from Australia, Hong Kong, the United Kingdom and Europe to India.

The partnership with TerraPay and bux just made sending money to India a little cheaper and more convenient because it can now be done from a mobile phone with just a few taps. Bux customers have the freedom to safely and instantly transfer money, 24X7, to bank accounts in India from their mobile phones through the mobile application.

bux’s money transfer service offers compelling benefits to expats, foreign workers, international students and migrants, including; access to low-cost, anytime, anywhere secure money transfers, up to 45% cheaper than competitors. Traditionally when sending money home, migrants would have to put up with expensive trips to agent locations or bank branches, high fees and transaction times of up to a week to send small value transfers.

Ambar Sur, Founder & CEO of TerraPay said, “The partnership between TerraPay and bux aims to add value to the growing remittance market. We are proud to increase the speed and convenience with which people in Australia and Hong Kong can send money to friends and family in India. Our partnership with bux will help the migrants by providing a real-time, 24X7 and seamless money transfer service experience.”

Andrew Webber, Managing director, bux says, “We are very excited about our partnership with TerraPay and adding India as a send money destination in the bux app. This partnership means that bux customers can now send money home to India from Australia, the United Kingdom and Europe anytime, anywhere. Adding this growing remittance corridor to the app will ensure continued customer growth for bux. We are proud that we can now provide the Indian diaspora around the globe an easier, cheaper and safer way to send money home.”

TerraPay, the world’s first mobile payments switch is a global transaction processing, clearing and settlement service for mobile wallets. It provides the interoperability engine that enables customers to send and receive real-time transactions across diverse payment instruments, platforms, and regions.

The company believes in the power of mobile devices and is building the digital payment rails to fulfil their vision of enabling users to send money to any mobile. TerraPay is a B2B company incubated by Mahindra Comviva, a global leader in delivering mobile financial solutions and is part of the USD 19 billion Mahindra Group.