Mastercard Launches Wallet Pay to Scale Digital Wallets Worldwide | LeapRate
On Thursday, Mastercard introduced Wallet Pay, a global portfolio of solutions aimed at boosting interoperability and innovation among digital wallets across contactless, QR code and online payments.
Digital wallets now serve more than 4.3 billion users globally, with usage expected to surpass 6 billion by 2030, according to Mastercard.
Wallet Pay is said to be designed to help providers deliver smoother payment experiences, from everyday purchases to cross-border transfers.
Several digital payment providers are already using the new solutions, including Alipay+ partner wallets AlipayHK, Clip, GCash, KakaoPay, TNG eWallet and TrueMoney, along with Axian, CRED, DaviPlata, Mercado Pago, MTN and TenPay Global.
Mastercard notes that these partnerships will expand access to financial tools and enable acceptance at hundreds of millions of locations and digital access points worldwide.
The Wallet Pay portfolio includes features such as interoperability across borders and platforms, secure card issuing for wallet providers, unified in-person and online acceptance, faster money movement across more than 200 countries and territories and 150 currencies, and expanded access for underbanked consumers.
Jorn Lambert, chief product officer at Mastercard, said wallets serve as gateways to the digital economy and launchpads for broader financial services, adding that the new solutions aim to strengthen interoperability and user experience for payment providers.
The launch builds on Mastercard’s existing financial inclusion efforts, including its recently announced Global Financial Health Coalition.
