THE HAGUE, Netherlands, Nov. 2, 2020 /PRNewswire/ -- In a strategic move to strengthen the Payment Solutions business, TerraPay, a global payments infrastructure company today announced the appointment of Ritesh Pai as Sr.Vice President Product- Payment Solutions. TerraPay is a leader in providing seamless and secure cross-border real time payments through digital interoperability across diverse financial instruments such as mobile wallets and bank accounts.
With the digital payments ecosystem burgeoning, the opportunity lies in laddering the cross border movement of funds to further accelerate payment transactions in enabling a deeper connection with the consumers, and enhancing the sector's growth and development. As per the research report by MarketsandMarkets, the global digital payment market volume is projected to grow from USD 79.3B in 2020 to USD 154.1B by 2025, at a Compound Annual Growth Rate (CAGR) of 14.2%. Regions such as Middle East, Africa, Japan, South Korea show immense potential. An impressive 36%* of global online shoppers preferring to pay with e-wallets compared to traditional payment modes, reflects a strong shift to cashless economies.
This growing trend in consumer behavior needs to be propelled further, as witnessed by worldwide initiatives to promote digital payments, increased proliferation of smartphones and internet penetration. However, there are still many geographies which continue to have a large percentage of population with no access to mainstream financial services. TerraPay's endeavor is to ensure that Payment Solutions reach out to the lowest common denominator across all geographies.
On joining TerraPay, Ritesh would lead the Payment Solutions division, in managing strategic partnerships and special projects. He would play an integral role in envisioning and developing the Company's future proof payments processing infrastructure in linking global partners with TerraPay's one-to-many connection, at affordable prices.
Ritesh has had an illustrious career spanning over two decades in the Retail, Digital Banking and Payments system domain. He joins TerraPay from his last role as Senior Group President & Chief Digital Officer at Yes Bank, where he spearheaded the digital strategy of the bank.
Prior to Yes Bank, Ritesh has been associated with some of the leading private banks, driving their digital channels portfolio, such as HDFC Bank, Kotak Mahindra and RBL Bank in addition to prominent brands like Ratnakar Bank, REV Asia Pacific and Fidelity National Information Systems.
Welcoming Ritesh to TerraPay, Ambar Sur, Founder and CEO, commented, "Ritesh's rich knowledge and experience in the digital payments domain with his highly result oriented approach, makes him instrumental in our Solutions forte. I am confident that his innovative and strategic leadership will guide TerraPay chart new waves in digital payment solutions across markets globally, enabling a transformation in cashless acceptance, internationally. I wish him all the very best."
Ritesh Pai on his appointment said, "The evolution of the payments industry continues to be driven by changes in technology and customer behavior. Our vision is to empower all regions - developed and underserved, with financial solutions enabling them to Send, Spend, Manage and Grow, by offering propositions that are outcome oriented. I look forward to my journey at TerraPay in driving this initiative."
TerraPay is a licensed digital payments infrastructure and solutions provider, paving the global payments highway. The company's robust foundation and innovative platform technology serves as the digital interoperability engine enabling customers and businesses globally to send and receive payments in a secure, transparent, efficient and real-time basis. The agile network supports diverse payment instruments and types of payments, while adhering to complex regulations and compliance standards in different markets.