Mastercard Partners with TerraPay to Enhance Global Digital Wallet Acceptance

Mastercard Enhances Digital Wallet Usability Through TerraPay Partnership

Mastercard has announced a strategic partnership with TerraPay, a prominent global money movement company, to accelerate the acceptance of digital wallets worldwide. This initiative aims to provide wallet users, including those using mobile money platforms, fintech applications, and banking services, with the latest in digital payment technology.

The collaboration between these two giants promises to elevate the emittance and acceptance of digital wallets by allowing transactions at over 150 million Mastercard-approved locations around the globe. Utilizing near-field communication (NFC) payment technology, consumers can enjoy a seamless purchasing experience that enhances convenience and security.

Ambar Sur, the Founder and CEO of TerraPay, elaborated on the essence of this partnership, stating that their objective is to ensure that every mobile wallet can be utilized globally, mirroring the capabilities of traditional bank cards. Having established connections with banks, wallets, and remittance services in over 150 countries, TerraPay views this collaboration with Mastercard as a significant advancement towards achieving genuine payment interoperability for wallets worldwide. This will not only expedite transactions but also empower users to make secure, instantaneous payments across various borders, thus enhancing financial fluidity globally.

According to a report by Mastercard, a noteworthy 70% of in-person Mastercard transactions were contactless in 2024. The report flags contactless payments as significantly faster—up to ten times quicker—than traditional payment methods. Furthermore, accounts enabled for contactless payment also boast higher spending averages. From Mastercard's perspective, this partnership underscores their commitment to facilitating innovation and ensuring global financial accessibility through digital wallets, which have become pivotal in promoting financial inclusion for diverse populations.

Mastercard’s Executive Vice President for Core Payments in the Eastern Europe, the Middle East, and Africa region, Prakriti Singh, emphasizes that forging partnerships with essential players like TerraPay is vital to maximizing the beneficial impact of digital wallets. They believe these collaborations simplify implementation processes and amplify their reach within the financial ecosystem.

Digital wallets are increasingly contributing to a major shift in consumer behaviors, especially in emerging markets. Beyond facilitating online transactions, these wallets have gained traction for contactless payments at points of sale (POS). This trend reflects a collective shift towards faster, safer, and more efficient payment solutions preferred by both consumers and merchants. Moreover, Mastercard’s backing of advanced digital wallet capabilities sets a strong foundation for wider usage, especially in regions where traditional banking systems may falter.

About Mastercard

Mastercard operates in over 200 countries and territories, with a mission to enhance economies and empower consumers through digital payments. They aim to create a sustainable economic model where everyone can thrive. By offering a wide-ranging array of secure digital payment solutions, Mastercard ensures transactions remain simple, smart, and more accessible for various stakeholders worldwide.

About TerraPay

Headquartered in London, TerraPay aims to simplify global monetary transfers with an extensive cross-border payment network. Their services connect payment partners to over 3.7 billion mobile wallets and 7.5 billion bank accounts. TerraPay is committed to fostering a borderless financial ecosystem, striving to make international money transfers instantaneous, secure, and transparent. The corporation has succeeded in building a global interoperable network that furthers financial inclusion, especially in regions that often lack robust banking infrastructure.

Through their alliance, Mastercard and TerraPay are ushering a new era in financial accessibility, pushing towards a future of effortless, secure, and always-connected digital payments for all.