Mastercard launches Wallet Pay to expand digital wallets globally

Mastercard has introduced Mastercard Wallet Pay, a global portfolio of solutions designed to foster interoperability and innovation across digital wallets for contactless (NFC), QR code and online payments.

The solutions will enable wallet providers to deliver frictionless payment experiences, from everyday spending to cross-border transfers, as the digital economy expands.

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Through collaborations with leading digital payment service providers -- Alipay+ and its partner wallets such as AlipayHK, Clip, GCash, KakaoPay, TNG eWallet and TrueMoney -- Mastercard Wallet Pay expands access to financial tools and enables acceptance at hundreds of millions of locations and digital access points worldwide.

Other collaborators include Axian, CRED, DaviPlata, Mercado Pago, MTN and TenPay Global.

Wallet Pay reinforces Mastercard’s commitment to powering stored-value digital wallets across its global payments network.

Alipay+, which connects more than 50 e-wallets and banking apps and over 10 national payment schemes worldwide, is helping wallet partners connect to Mastercard Wallet Pay at scale.

With technologies such as cloud-based payments and Mastercard’s global acceptance network, wallet providers can introduce new use cases without making significant changes to their infrastructure.

“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,” he added.

Joyce Bo, executive vice-president and core payments for Asia Pacific at Mastercard, said the next phase of digital wallets would focus on interoperability at scale, allowing providers to expand their reach across merchants, use cases and borders.