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Mastercard has launched Wallet Pay to connect digital wallets across contactless, QR and online payments.
More than 4.3 billion people currently use digital wallets worldwide, with that figure expected to exceed 6 billion by 2030.
Alipay+ partner wallets including AlipayHK, Clip, GCash, KakaoPay, TNG eWallet and TrueMoney are among those using Wallet Pay.
Other participating providers include Axian, CRED, DaviPlata, Mercado Pago, MTN and TenPay Global.
Alipay+ connects more than 50 e-wallets and banking apps as well as over 10 national payment schemes. It will help its partners connect to Wallet Pay.
Wallet Pay gives participating providers access to hundreds of millions of acceptance locations and digital access points worldwide.
Joyce Bo
“As wallet ecosystems mature, the challenge is extending their reach across more merchants, use cases and borders.
Mastercard Wallet Pay helps wallet providers expand what they can offer, from cross-border payments to card issuing, without having to build all of that connectivity themselves.”
said Joyce Bo, Executive Vice President of Core Payments for Asia Pacific at Mastercard.
The portfolio supports transfers between cards, wallets and bank accounts across more than 200 countries and territories in 150 currencies.
Providers can also use it to launch credit, debit or prepaid card programmes. Merchants can accept supported card and wallet payments in stores and online.
Featured image: Edited by Fintech News Singapore, based on image by user28313935 via Magnific