#None #digital wallet #Mastercard #TerraPay

Mastercard Partners with TerraPay to Expand Digital Wallet Integration

In an impressive move to enhance digital wallet operations worldwide, Mastercard has announced a strategic partnership with TerraPay, a global leader in money movement solutions. This collaboration aims to provide innovative digital payment capabilities to an array of wallet partners, which include mobile money services, fintechs, and banks. The partnership is poised to significantly increase the acceptance and usability of digital wallets around the globe.

Through this alliance, users of digital wallets will experience seamless transactions at over 150 million Mastercard acceptance locations across the globe. This development will be made possible via advanced technology from both Mastercard and TerraPay. TerraPay's newly launched global payment interoperability platform, Xend, plays a crucial role in expediting market entry and simplifying the launch processes for various wallets.

Ambar Sur, the Founder and CEO of TerraPay, emphasized the mission of the company to ensure that digital wallets function similarly to traditional cards anywhere in the world. Sur stated, "For years, we've connected banks, wallets, and money transfer organizations across 150+ countries. Our collaboration with Mastercard takes that mission a step further. Together, we're revolutionizing payment interoperability for wallets globally."

Recent statistics from Mastercard indicate that contactless payments represent a significant share of transactions. In fact, around 70% of in-person Mastercard transactions are contactless, which can be up to ten times faster compared to traditional payment methods. This speed of transaction, along with the rise in contactless payment adoption, showcases the necessity for wallets to integrate more efficiently into various payment systems.

Prakriti Singh, Executive Vice President of Core Payments at Mastercard, highlighted the essential role that digital wallets play in promoting financial inclusion. She pointed out that collaborations with key industry players like TerraPay are vital for scaling the positive impacts of these technologies through an extensive network of wallet partners while simplifying implementation processes.

Digital wallets have emerged as a critical factor in facilitating a shift towards cashless transactions, particularly in emerging markets. They not only offer users a secure method for online transactions but are also increasingly favored for in-person contactless payments at retail points of sale. The convenience, speed, and security associated with contactless payments continue to draw interest from both consumers and merchants alike, further solidifying the importance of this partnership.

About Mastercard:
Mastercard operates in over 200 countries and territories globally, powering economies while empowering people through digital payments. The brand is committed to creating a sustainable economy that benefits everyone. It offers a vast range of digital payment solutions, ensuring secure, simple, smart, and accessible transactions.

About TerraPay:
TerraPay specializes in simplifying international money transfers by providing a direct connection to one of the most extensive cross-border payment networks, which is regulated across several markets. The company's goal is to develop a borderless financial ecosystem that promotes efficiency and reliability in money transfers, thus enhancing financial inclusion. With a reach spanning over 150 countries and connections to more than 3.7 billion mobile wallets and 7.5 billion bank accounts, TerraPay has positioned itself as a trusted partner for innovative financial services.

Mastercard and TerraPay's collaboration signals a promising future for digital wallets, providing users with better services and broader acceptance worldwide.