Mastercard Launches Wallet Pay To Connect Digital Wallets Globally
By CU Today Staff —
PURCHASE, N.Y.—Mastercard has launched Mastercard Wallet Pay, a global portfolio of payment solutions designed to increase interoperability among digital wallets across contactless, QR-code and online payments as worldwide wallet usage continues to surge.
More than 4.3 billion people currently use digital wallets, with that figure projected to exceed 6 billion by 2030.
Mastercard said Wallet Pay will allow wallet providers to connect users with its global acceptance network while supporting credit, debit and prepaid card issuance, e-commerce and transfers among cards, wallets and accounts. The money movement capabilities span more than 200 countries and territories and 150 currencies, while more than 3.7 billion Mastercard credentials can connect to digital wallets.
The company is working with digital-payment providers including Alipay+, Axian, CRED, DaviPlata, Mercado Pago, MTN and TenPay Global. Alipay+ alone connects more than 50 e-wallets and banking apps and more than 10 national payment schemes, with its partner wallets able to connect to Wallet Pay at scale.
“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 to enhance the interoperability and user experience of their services, underpinned by trust, scale and convenience for the people and businesses they serve.”
Originally reported by CU Today.