Mastercard has launched Wallet Pay, a new portfolio of payment solutions designed to connect digital wallets across contactless, QR code and online transactions as the number of wallet users worldwide continues to expand.
The company said more than 4.3 billion people currently use digital wallets globally, with adoption expected to exceed six billion users by 2030. The new offering is intended to help wallet providers extend their services across borders and payment channels without having to build every connection independently.
Brandspur Brand News reports that Mastercard Wallet Pay is being adopted by a range of digital payment providers, including Alipay+ partner wallets, Axian, CRED, DaviPlata, Mercado Pago, MTN and TenPay Global. The platform is designed to support everyday payments as well as cross-border transfers and other financial services.
One of its key features is interoperability, allowing participating wallets to connect across different platforms, payment methods and countries. Mastercard said its solutions can support money transfers between cards, wallets and accounts across more than 200 countries and territories and 150 currencies.
For merchants and consumers, the system is also designed to bring card and wallet payments together across physical and online channels. Mastercard said more than 3.7 billion of its credentials can be connected to digital wallets, potentially giving participating providers access to a wider payment ecosystem.
The company is also positioning Wallet Pay as a tool for financial inclusion. Its offering includes support for wallet providers seeking to introduce credit, debit or prepaid card programmes, as well as lower-cost digital financial services for underbanked and unbanked consumers.
The expansion has relevance for African markets, where mobile wallets and digital financial services are increasingly used to make payments and move money. MTN is among the providers working with Mastercard on the initiative, although the announcement does not specify new Wallet Pay services for Nigerian customers.
Mastercard said the platform can also support travellers who want to link cards to local wallets, while businesses can use the infrastructure to facilitate faster movement of money between different payment channels.
Alipay+ is another major participant in the initiative. Mastercard said the Ant International-backed platform connects more than 50 e-wallets and banking apps, alongside more than 10 national payment schemes worldwide.
The launch comes as digital wallets move beyond their traditional role as payment tools and increasingly combine payments with other financial services. Mastercard said Wallet Pay is intended to help providers expand into areas such as card issuing, cross-border payments and broader digital financial access.
Mastercard’s chief product officer, Jorn Lambert, said the company wants wallet providers to improve interoperability and the user experience while relying on the scale and security of its payments network.
