What's Happening?
TerraPay, a global money movement company, has launched a new payout solution for content creators and the gig economy through a strategic partnership with MilX, a financial service. This collaboration marks TerraPay's significant expansion into the creator economy, addressing the challenge of accessing earnings quickly and cost-effectively across borders. The partnership allows creators using MilX to receive earnings instantly in local currencies across more than 70 markets, supporting payouts to bank accounts, digital wallets, and cards. This integration aims to eliminate foreign exchange friction and hidden fees, providing creators with secure access to their earnings. The creator economy is projected to be valued at $253 billion by 2025,
with over 207 million active creators globally.
Why It's Important?
The partnership between TerraPay and MilX is significant as it addresses a major pain point for digital creatives: the difficulty of accessing earnings across borders. By providing instant and secure access to earnings without foreign exchange friction or hidden fees, the collaboration offers financial freedom to creators. This move positions both companies to capitalize on the rapidly growing creator payment solutions market, which is expected to grow from $4.5 billion in 2024 to $18.5 billion by 2033. The partnership enhances the global payout capabilities of MilX, allowing creators to focus on growing their audiences while ensuring seamless, borderless payouts.
What's Next?
The partnership is expected to enable faster scaling for both TerraPay and MilX, as they aim to expand their capabilities globally. By leveraging TerraPay's extensive network, which connects to over 3.7 billion mobile wallets and 7.5 billion bank accounts worldwide, MilX plans to offer creators features such as daily access to earnings and the ability to unlock future revenue. This shift from traditional monthly payment cycles to more frequent payouts could attract more creators to the platform, further strengthening its position in the creator economy.
