Mastercard Wallet Pay is enabling digital wallet providers to take their payment capabilities worldwide. Digital wallets have emerged as important platforms for payments and financial services. Today, they serve over 4.3 Billion users around the world. Also, the adoption of digital wallets is still on the rise across regions and consumer segments. By 2030, the worldwide number of users may surpass 6 billion. So Mastercard is rolling out Mastercard Wallet Pay to help power this growing digital economy.
The new portfolio is a suite of solutions for digital wallet providers. These solutions facilitate contactless payments, QR codes and online digital payments. And they help providers improve interoperability between different payment environments. “Mastercard Wallet Pay allows providers to offer consumers a more seamless payment experience. Also, the solutions help businesses that need more flexible and faster payment capabilities.
Mastercard is working with several leading digital payment service providers. These include Alipay+ partner wallets such as AlipayHK, Clip, GCash, KakaoPay, TNG eWallet, and TrueMoney. The collaboration also includes Axian, CRED, DaviPlata, Mercado Pago, MTN, and TenPay Global. Together, these providers can use Mastercard’s payment capabilities to expand digital access.
Furthermore, the portfolio connects wallet providers with Mastercard’s broad acceptance network. This enables access across hundreds of millions of acceptance locations and digital access points. As a result, more consumers can participate in the digital economy. The approach also supports broader access to essential financial services.
“Wallets are gateways to the digital economy and launchpads for broader financial services,” said Jorn Lambert, chief product officer at Mastercard. “Through our Wallet Pay solutions, we’re helping payment providers to enhance the interoperability and user experience of their services, underpinned by trust, scale and convenience for the people and businesses they serve.”
Mastercard Wallet Pay Enables Interoperability and Innovation
Mastercard Wallet Pay strengthens Mastercard’s role in supporting stored value digital wallets. Wallet providers can use Mastercard’s global payments network to reach more users. In addition, providers can connect wallets across borders and different payment platforms. This creates greater flexibility for consumers, businesses, and financial service providers.
Alipay+ also plays an important role in the expansion of wallet connectivity. The platform links more than 50 e-wallets and banking apps around the world. It also connects more than 10 national payment schemes across the world markets. This network allows wallet partners to connect at scale with Mastercard Wallet Pay. Mastercard, meanwhile, provides technologies to facilitate the deployment of digital payments. Payments delivered over the cloud can help providers introduce new use cases, without requiring significant infrastructure changes.
This means wallet providers can expand their services while staying within their existing technology environments. This creates opportunities across consumer payments, commerce, money movement and financial services. Travelers will also appreciate better wallet connectivity. They can link cards with local wallets when they pay abroad. Likewise, companies can employ digital wallets to facilitate faster money movement. Communities may also be able to access financial tools for the first time. These capabilities make Mastercard Wallet Pay applicable at different levels of digital payment adoption.
Mastercard Wallet Pay Supports Multiple Payment Features
The portfolio includes several capabilities for digital wallet providers. Each capability addresses a unique market need in the evolving digital payments landscape.
Interoperability:
Mastercard Wallet Pay enables cross-border, cross-platform wallet-to-wallet connections. It also accepts various types of payment.
This approach also helps create more seamless payment experiences across the various digital environments. This enables providers to offer their customers more extensive payment functionality.
Secure issuance:
Wallet providers may offer their own credit, debit or prepaid card programs. This capability can create new sources of income for providers.
At the same time, card programs can be an engagement driver for consumers. This allows providers to expand their financial services portfolio.
One digital and e-commerce experience:
Merchants can accept card and wallet payments in person and online. Digital wallets can connect to more than 3.7 billion Mastercard credentials.
This connectivity can fuel transaction growth across multiple payment channels. It also gives consumers more choice when selecting payment methods.
Increased speed of money transfer:
The solutions support rapid transfers between cards, wallets and accounts. These transfers can be made to over 200 countries and territories.
The portfolio supports transactions in 150 currencies. Enabling wallet providers to address wider cross border payment needs.
Increased access:
Mastercard Wallet Pay also unlocks access to cheaper financial tools. These capabilities can help underbanked and unbanked consumers.
The approach also supports digital inclusion across emerging markets. Consequently, more people can gain access to digital financial services.
Mastercard Continues Focus on Financial Inclusion
Mastercard sees digital wallets as important gateways to the wider digital economy. The company also views them as platforms for broader financial services. Furthermore, Mastercard Wallet Pay builds on the company’s broader financial inclusion efforts. Mastercard continues to support initiatives focused on improving financial access.
The company recently announced the Global Financial Health Coalition. The project brings together leading digital wallet providers. The coalition seeks to help close the gap between financial access and true financial health. The effort is part of a broader digital payment strategy by Mastercard.
In general, Mastercard Wallet Pay offers new ways for digital wallet providers to expand their offerings. It also promotes interoperability, payment innovation and financial inclusion. As digital wallet adoption continues to grow, connectivity will become more important. Mastercard Wallet Pay will be supporting that evolution in global payment markets.
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News Source: Businesswire.com
