Inter links Brazil & US payments to TerraPay wallets

Inter has expanded its cross-border payments infrastructure through a partnership with TerraPay, gaining access to 3.7 billion digital wallets through TerraPay's Xend network.

The link connects Inter's regulated infrastructure in Brazil and the United States to TerraPay's wallet network, enabling cross-border bank-to-wallet transfers. It uses Inter's existing payment rails, including PIX, InterPAY, Same Day ACH and Real-Time Payments, with most transactions completed in under one minute.

The move comes as digital wallets take a larger share of global payments, particularly in markets where consumers use them as a primary way to send and receive money. Banks have often struggled to reach wallet users directly because many cross-border systems were built around older correspondent banking models rather than direct wallet connectivity.

Under the arrangement, Inter acts as the licensed settling institution for transactions in Brazilian reais and US dollars, handling settlement within a regulated framework in both countries. TerraPay provides access to wallet endpoints through Xend.

Inter serves more than 45 million customers worldwide and offers banking, credit, investments, payments and related financial services. TerraPay operates a cross-border payments network that reaches 7.5 billion bank accounts, according to the company, as well as billions of mobile wallets across more than 156 countries.

The partnership gives Inter broader access to markets where wallets dominate retail payments and remittances. It also adds a bank-to-wallet option for corporate disbursements and other high-volume payment flows that require direct delivery to digital accounts rather than traditional bank accounts.

Ralph Boragina, Head of Cross-Border Payments at Inter, said the agreement supports the company's effort to build international payment systems that connect Brazil and the US with a wider range of overseas recipients.

"Our focus has always been building infrastructure that behaves like software, not legacy banking. This partnership connects that infrastructure to billions of digital wallet destinations worldwide, demonstrating Inter's long-term strategy to be the platform that links Brazil and the U.S. to the global financial system, for our customers and for the enterprises that move money at scale," Boragina said.

Wallet growth

The companies pointed to projected rapid growth in digital wallet use. They cited estimates that the total value of digital wallet transactions will rise from USD $9.85 trillion in 2026 to USD $23.4 trillion by 2031, reflecting a shift in how consumers and businesses move money internationally.

That trend has increased pressure on banks, payment firms and financial technology groups to build systems that connect directly to wallet ecosystems. In many regions, especially across parts of Asia, Africa and Latin America, wallet providers have become a significant part of the payments landscape for everyday transfers, merchant payments and international remittances.

One challenge for banks has been integrating with a fragmented set of local wallet schemes without building a separate connection for each market. TerraPay's Xend network is designed to act as a common interoperability layer between financial institutions and wallet providers, allowing senders to reach multiple destinations through a single integration.

Inter said the agreement extends its existing international infrastructure rather than replacing it. The company already operates significant domestic payment links in Brazil and maintains a banking presence in the US, giving it a base for settlement in one of the most common currency corridors for Latin American cross-border transactions.

Competitive push

The arrangement also reflects a broader push among financial groups to capture a larger share of cross-border payments, a market long criticised for high costs, patchy transparency and slow settlement times. Real-time or near real-time options have become a key selling point as customers expect international transfers to resemble domestic instant payment services.

Inter described itself as one of Brazil's largest PIX payers and a leading foreign exchange operator by contracts registered with Brazil's Central Bank. It also said it holds a federally authorised banking branch in the United States, giving it a regulated operating structure on both sides of the corridor it aims to serve.

For TerraPay, the deal adds another banking partner to a network that spans banks, digital wallets, money transfer operators, corporates and fintech platforms. The company has positioned interoperability between different forms of accounts as a central part of its cross-border payments strategy.

Ralph Koker, Head of Europe and Americas at TerraPay, said the agreement reflects a broader market shift.

"The next phase of cross-border payments will be defined by interoperability between banks and digital wallets. Inter's infrastructure, together with regulated, real-time, and built for scale, is exactly what that future requires. This partnership extends what Inter has already built to reach billions of digital accounts globally, through existing rails, without friction," Koker said.