Mastercard has launched a suite of solutions intended to help digital wallet providers improve interoperability across contactless (NFC), QR code and online payments.
In a statement, the card network said the portfolio, branded Mastercard Wallet Pay, is designed to “empower wallet providers to deliver frictionless experiences”.
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Mastercard said it is working with a group of digital payment services providers on the initiative. Partners include Alipay+ wallet participants AlipayHK, Clip, GCash, KakaoPay, TNG eWallet and TrueMoney. Other named providers include Axian, CRED, DaviPlata, Mercado Pago, MTN and TenPay Global.
The company said the portfolio combines capabilities such as cloud-based payments and Mastercard’s acceptance network. This, it added, allows wallet providers to introduce new use cases “without significant changes” to their infrastructure.
Mastercard said Wallet Pay includes several components. These include interoperability to support connections between wallets across borders, platforms and payment types. It also includes secure issuing to help providers launch credit, debit or prepaid card programmes.
The company said Wallet Pay is designed to support unified in-person and online payments. It is intended to enable merchants to accept cards and wallets and allow Mastercard credentials to connect to digital wallets.
Mastercard also pointed to money movement features, including transfers between cards, wallets or accounts across more than 200 countries. It added that the portfolio supports access tools aimed at underbanked and unbanked users, with a focus on emerging regions.
Mastercard chief product officer Jorn Lambert said: “Wallets are gateways to the digital economy and launchpads for broader financial services.
“Through our Wallet Pay solutions, we’re helping payment providers to enhance the interoperability and user experience of their services, underpinned by trust, scale and convenience for the people and businesses they serve.”
Earlier this year, Mastercard introduced enhancements to its virtual card platform, Mastercard In Control. The updates included stronger controls and expanded ecosystem connectivity to help businesses scale virtual card programmes.
