Mastercard introduced Wallet Pay on Tuesday at an event in Singapore, a portfolio of solutions designed to enable interoperability for digital wallets across contactless, QR code, and online payment channels.
The service connects wallets across borders and payment types, supports the launching of credit, debit, or prepaid card programs, and provides merchant acceptance of payments from both cards and wallets. Mastercard said the network reaches acceptance locations and digital access points worldwide, with money transfer capabilities spanning more than 200 countries and territories in 150 currencies.
Alipay+, which connects more than 50 e-wallets and banking apps as well as over 10 national payment schemes, was among the first partners. Its wallet partners — including AlipayHK, Clip, GCash, KakaoPay, TNG eWallet, and TrueMoney — can now connect to Mastercard Wallet Pay. Other supported providers include Axian, CRED, DaviPlata, Mercado Pago, MTN, and TenPay Global.
Mastercard stated that Wallet Pay allows more than 3.7 billion Mastercard credentials to connect to digital wallets, which currently serve over 4.3 billion users worldwide. The company also highlighted financial tools aimed at underbanked consumers.
As a case study, Mastercard cited DaviPlata, which reported reaching 1.5 million active cards within 15 months of implementing a digital debit card model through Mastercard that eliminated acquisition costs.
"Wallets are gateways to the digital economy and launchpads for broader financial services," said Jorn Lambert, Mastercard's chief product officer. "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."
