TerraPay, a global transaction processing, clearing and settlement service for mobile wallets, announced that it has partnered with bux, a mobile app money transfer service, to launch instant cross border money transfers from Australia, Hong Kong, the U.K. and Europe to India, according to a press release.

"The partnership between TerraPay and bux aims to add value to the growing remittance market," Ambar Sur, founder and CEO of TerraPay, said in the release. "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."

TerraPay said 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 percent cheaper than competitors, according to the release.