Mastercard has announced a strategic collaboration with TerraPay, a global money movement company, to expand digital payment acceptance for wallet users worldwide. The partnership will enable Mastercard’s wallet partners, including mobile money providers, fintech companies, and banks, to access advanced digital payment capabilities.
Through this initiative, digital wallet users will be able to make seamless NFC-based payments at more than 150 million Mastercard acceptance locations globally. Wallet providers will benefit from the robust infrastructure and technology jointly delivered by Mastercard and TerraPay. In addition, TerraPay will support faster market entry and simplified integration through Xend, its newly launched 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 organisations 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.
According to Mastercard’s 2024 annual report, 70% of in-person Mastercard transactions worldwide are now contactless, with contactless payments being up to ten times faster than traditional face-to-face payment methods. The report also notes that contactless-enabled accounts tend to have higher average spending compared to non-contactless users.
“At Mastercard, we are driving innovation and extending global reach for digital wallets, which are key enablers of financial inclusion,” said Prakriti Singh, Executive Vice President, Core Payments, Mastercard EEMEA. “Collaborations with ecosystem leaders like TerraPay help us scale impact across multiple wallet partners while simplifying implementation.”
The Mastercard and TerraPay collaboration to unify digital wallet acceptance globally highlights the pressing need for identity interoperability in the financial sector, a core focus of Identity Week Europe. The Digital ID in Finance session will explore how secure identity underpins global commerce and cross-border transactions. The Digital Wallets session at Identity Week Europe will cover the need for a comprehensive identity strategy and the necessary ‘identity fabric’ to connect a variety of wallets. This evolution demands robust, high-assurance authentication, making this initiative a vital case study for all attendees tackling financial inclusion and the strategic future of verified digital identity.
