Mastercard launches Wallet Pay for digital wallets

Mastercard has launched Wallet Pay, a global portfolio of payment solutions designed to help digital wallet providers expand their reach, connect across payment networks and offer additional services to consumers and businesses.
The platform supports contactless, QR-code and online payments, allowing wallet providers to connect to Mastercard’s global acceptance network without major changes to their existing infrastructure, according to a press release.
The launch comes as digital wallets become an increasingly important part of everyday payments. Mastercard said digital wallets now serve more than 4.3 billion users worldwide, with the number expected to exceed six billion by 2030.
Digital payment providers including Alipay+ partner wallets AlipayHK, Clip, GCash, KakaoPay, TNG eWallet and TrueMoney, as well as Axian, CRED, DaviPlata, Mercado Pago, MTN and TenPay Global, are using the new solutions.
A key feature of Wallet Pay is interoperability, allowing wallets to operate across different payment systems, markets and channels. This could enable consumers to use their preferred wallets while travelling, shopping online and making cross-border payments.
The platform also allows wallet providers to launch debit, credit and prepaid card programmes, creating potential new revenue streams and expanding their services.
For merchants, the solution supports card and wallet payments in physical stores and online. Mastercard said more than 3.7 billion Mastercard credentials can be connected to digital wallets, expanding payment acceptance across channels.
Wallet Pay also supports money transfers between cards, wallets and accounts across more than 200 countries and territories and 150 currencies.

Building a connected wallet ecosystem
The initiative includes collaboration with Alipay+, the global wallet gateway of Ant International.
Alipay+ connects more than 50 e-wallets and banking apps and over 10 national payment schemes, allowing partner wallets to access wider payment networks.
The collaboration is already supporting additional payment options for users of several wallets. AlipayHK, for example, offers QR-code and contactless payments, while TNG eWallet users can use their wallets when travelling outside Malaysia.
TenPay Global is also working with the network to connect international wallets with the Weixin Pay merchant network, potentially allowing overseas visitors to use their home wallets at tens of millions of merchants in mainland China.
Focus on financial inclusion
Wallet Pay is also intended to expand access to digital financial services, particularly for underbanked and unbanked consumers in emerging markets.
Mastercard said wallet providers can use the platform to offer low-cost payment and financial services, helping more people participate in the formal digital economy.
“Wallets are gateways to the digital economy and launchpads for broader financial services,” said Jorn Lambert, chief product officer at Mastercard.
He said the solutions are designed to improve interoperability and user experience while providing greater trust, scale and convenience.
Joyce Bo, executive vice-president of Core Payments, Asia Pacific, Mastercard, said the next phase of digital wallets would depend on their ability to operate across more merchants, use cases and borders.
“The first chapter of digital wallets was adoption. The next chapter is interoperability at scale,” she said.
Mastercard said the new portfolio will help wallet providers expand beyond basic payments into areas such as cross-border transactions, card issuing and broader financial services.