Mastercard introduces Wallet Pay to leverage global digital wallet experience

Mastercard has launched Mastercard Wallet Pay to drive interoperability and innovation across digital wallets, enabling contactless, QR code, and online payments via Alipay+ and other digital payment platforms.

Mastercard Wallet Pay aims to expand the digital economy, allowing customers to experience frictionless experiences from everyday spending to cross-border transfers. The Wallet Pay solutions are inclusive, innovative, and scalable, suitable for travelers linking their cards to local wallets, businesses moving money instantly, or communities accessing financial tools for the first time, including:

• Interoperability: Enables smooth connections between wallets across borders, platforms and payment types.
• Secure issuing: Supports providers in launching their own credit, debit or prepaid card programs, unlocking new revenue streams and deepening customer engagement.
• Unified digital and e-commerce experiences: Allows merchants to accept payments from cards and wallets in person and online, enabling more than 3.5 billion Mastercard credentials to connect to digital wallets – driving transaction growth across channels.
• Accelerated money movement: Facilitates fast transfers between cards, wallets or accounts across 200-plus countries and territories and 150 currencies.
• Expanded access: Delivers low-cost financial tools to underbanked and unbanked consumers and supports digital inclusion in emerging regions.

Wallet Pay also includes the recently announced Global Financial Health Coalition, closing the gap between access and true financial health.

Mastercard Wallet Pay expands access to essential financial tools and enables acceptance at hundreds of millions of locations and digital access points worldwide by collaborating with leading digital payment service providers, including Alipay+ — the global wallet gateway of Ant International that supports its partner wallets such as AlipayHK, Clip, GCash, KakaoPay, TNG eWallet and TrueMoney — together with Axian, CRED, DaviPlata, Mercado Pago, MTN and TenPay Global.

Alipay+ connects over 50 e-wallets and banking apps as well as over 10 national payment schemes worldwide.
 

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