Mastercard unveils Wallet Pay to broaden digital wallet connectivity

Singapore : Mastercard has introduced a new suite of payment solutions aimed at helping digital wallet providers expand their reach across contactless, QR and online transactions.

Called Mastercard Wallet Pay, the portfolio is designed to improve interoperability among digital wallets while supporting a wider range of everyday and cross-border payment services.

Mastercard said the initiative will allow wallet operators to connect with its global payments network and give users access to hundreds of millions of merchant and digital payment points worldwide.

The company is working with a range of payment platforms, including Alipay+ and participating wallets such as AlipayHK, GCash, KakaoPay, Clip, TNG eWallet and TrueMoney. Other partners include Axian, CRED, DaviPlata, Mercado Pago, MTN and TenPay Global.

Alipay+, which links more than 50 e-wallets and banking applications as well as 10 national payment systems, is supporting the integration of participating wallets with Mastercard Wallet Pay.

Mastercard said cloud-based payment technology will allow wallet providers to introduce additional services without making major changes to their existing systems.