Mastercard collaborates with TerraPay to unlock acceptance for digital wallet users globally

• TerraPay will enable faster go-to-market and launch via its global payment interoperability platform Xend

Mastercard has joined forces with TerraPay, a global money movement company, to equip its wallet partners including mobile money wallets, fintechs, and banks, with the latest digital payment capabilities.

Through this collaboration, wallet customers will be able to transact seamlessly at more than 150 million Mastercard acceptance locations worldwide using NFC payment, while wallet providers will benefit from the advanced infrastructure and technology jointly delivered by both organizations. TerraPay will also enable faster go-to-market and simplified launch processes through Xend, its newly introduced global payment interoperability platform.

“At TerraPay, our mission is to make every wallet roam — to work anywhere, just like your card does. 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 bringing true payment interoperability to wallets globally, enabling them to pay at millions of acceptance points and empowering people everywhere to move and pay safely, instantly, and without borders,” said Ambar Sur, Founder & CEO, TerraPay.

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According to the Mastercard annual 2024 report, 70% of in-person Mastercard transactions worldwide are contactless. This option is up to 10 times faster than other face-to-face payment methods. Contactless-enabled accounts also spend more on average than their non-contactless counterparts.

“At Mastercard, we are enabling innovation and global reach for digital wallets, which serve as important drivers of financial inclusion. Collaborations with key ecosystem players like Terrapay play a key role in scaling the positive impact via their multiple wallet partners and simplifying the implementation process,” said Prakriti Singh, Executive Vice President, Core Payments, Mastercard, EEMEA.

Digital wallets have been fueling the secular shift in emerging markets. They can offer global scale and secure payment technology to consumers to increase usage. In addition to online payments, they can be used for contactless payments at points of sale (POS), which are gaining popularity among shoppers and merchants alike due to their speed and security.