FINTECH | Mastercard launches Wallet Pay for digital wallets
Mastercard Wallet Pay is aimed at improving interoperability between digital wallets and expanding access to payments and money movement across markets.
Mastercard has launched a global portfolio of digital payment solutions designed to connect digital wallets across contactless, QR and online payments, with providers including GCash, Alipay+, KakaoPay, TrueMoney and TNG eWallet among those leveraging the platform.
Announced in Singapore, Mastercard Wallet Pay is aimed at improving interoperability between digital wallets and expanding access to payments and money movement across markets. Mastercard said digital wallets currently serve more than 4.3 billion users worldwide, with usage projected to exceed 6 billion by 2030.
The portfolio supports wallet providers in connecting to Mastercard’s acceptance network without requiring significant changes to their existing infrastructure. It includes interoperability across borders and payment types, card issuing, digital and e-commerce payments, money transfers and financial inclusion tools.
Mastercard said Wallet Pay can facilitate transfers between cards, wallets and accounts across more than 200 countries and territories and 150 currencies. More than 3.7 billion Mastercard credentials can also be connected to digital wallets for in-person and online payments.
Among the companies using the solutions is G-Xchange, the operator of Philippine mobile wallet GCash, through its partnership with Alipay+ and Mastercard.
“GCash has always aimed to uplift the lives of Filipinos through accessible financial tools,” said Ren-Ren Reyes, president and CEO of G-Xchange. “Through the Alipay+ and Mastercard partnership, we can extend secure global acceptance and new digital experiences to our users, reinforcing our leadership in payments.”
Alipay+, the global wallet gateway of Ant International, connects more than 50 e-wallets and banking apps and more than 10 national payment schemes, according to Mastercard. Its partner wallets include AlipayHK, Clip, GCash, KakaoPay, TNG eWallet and TrueMoney.
“Consumers and merchants don’t think about the complexity behind payments. They simply want to pay and get paid using the payment experiences they already know and trust, whether they’re shopping at home or abroad,” said Joyce Bo, executive vice president for Core Payments, Asia Pacific, at Mastercard.
Mastercard said Wallet Pay also supports providers in launching credit, debit and prepaid card programs, while its cloud-based payments technology is intended to help wallets expand their services without building connectivity independently.
Other providers cited in the launch include Axian, CRED, DaviPlata, Mercado Pago, MTN and TenPay Global.
Full disclosure: All news articles published on the TechSabado website are written by human journalists, unless otherwise specified. Final text editing is also performed by human editors, with artificial intelligence (AI) used only to assist with additional grammar and style guide corrections..
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