Mastercard has collaborated with TerraPay to expand digital payment capabilities for mobile wallets, FinTechs and banks worldwide.
The partnership will enable wallet users to transact seamlessly at more than 150 million Mastercard acceptance locations globally using NFC payments, supported by the advanced infrastructure developed jointly by both organisations.
As part of the collaboration, TerraPay will provide simplified launch processes and faster go-to-market capabilities through Xend, its newly introduced global payment interoperability platform. The aim is to make it easier for wallet providers to integrate and scale services across borders.
Ambar Sur, Chief Executive Officer, TerraPay, said the alliance builds on the company’s mission to make every wallet interoperable. He noted that TerraPay has already connected banks, wallets and money transfer organisations across more than 150 countries, and that the partnership with Mastercard takes this vision further by enabling wallet payments at millions of acceptance points worldwide.
Mastercard’s Annual Report for 2024 highlights that 70 per cent of its in-person transactions globally are contactless, with this method up to ten times faster than other face-to-face payment options. Contactless-enabled accounts also record higher average spending compared with non-contactless accounts.
Prakriti Singh, Executive Vice President, Core Payments, Mastercard, EEMEA, said the company is focused on enabling innovation and global reach for digital wallets, which continue to play a vital role in financial inclusion. She added that partnerships with ecosystem players such as TerraPay help scale their impact through broader wallet networks and easier implementation processes.
Digital wallets continue to drive payment adoption across emerging markets, offering secure, scalable payment technology. In addition to online transactions, they support contactless payments at points of sale, a method increasingly preferred by consumers and merchants for its speed and security.
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