Mastercard launches Wallet Pay to link digital wallets globally

Mastercard ↘ 0.36% has introduced Wallet Pay, a global suite of solutions designed to bridge digital wallets across contactless, QR code, and online payments, as the company moves to position itself at the center of a rapidly growing ecosystem serving more than 4.3 billion users worldwide.

Connecting Wallets Across Borders

Announced this week, Mastercard Wallet Pay enables wallet providers to tap into Mastercard's global payments network, giving users access to hundreds of millions of merchant locations and digital payment points. The company said more than 3.7 billion Mastercard credentials can now connect to digital wallets through its solutions.speed+3

The program launches with a roster of partners including Alipay+, the global wallet gateway of Ant International, which links more than 50 e-wallets and banking apps along with over 10 national payment schemes. Participating wallets include GCash, AlipayHK, KakaoPay, Clip, TNG eWallet, and TrueMoney, alongside providers such as Axian, CRED, DaviPlata, Mercado Pago, MTN, and TenPay Global.bangladeshmonitor+2

"Wallets are gateways to the digital economy and launchpads for broader financial services," said Jorn Lambert, chief product officer at Mastercard. "Through our Wallet Pay solutions, we're helping payment providers enhance the interoperability and user experience of their services, underpinned by trust, scale and convenience."thedailystar

Features and Financial Inclusion

Wallet Pay supports money movement across more than 200 countries and territories in 150 currencies, covering everyday spending and cross-border transfers. The platform allows wallet providers to issue their own credit, debit, or prepaid cards using cloud-based payment technology, without requiring major changes to existing infrastructure.technobaboy+2

Merchants benefit from a unified system that accepts both card and wallet payments in-store and online. Mastercard said the portfolio is also aimed at expanding access to digital financial tools for underbanked and unbanked consumers in emerging markets.speed+1

A Growing Market

Mastercard projects the number of digital wallet users will exceed 6 billion by 2030. Joyce Bo, executive vice-president and core payments for Asia Pacific at Mastercard, said the next phase of digital wallets would center on interoperability at scale, allowing providers to expand their reach across merchants, use cases, and borders.thedailystar+1