Mastercard collaborates with TerraPay to unlock acceptance for digital wallet users globally
PRNewswire
Dubai [UAE], December 12: 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.
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.
About Mastercard
Mastercard powers economies and empowers people in 200+ countries and territories worldwide. Together with our customers, we're building a sustainable economy where everyone can prosper. We support a wide range of digital payments choices, making transactions secure, simple, smart and accessible. Our technology and innovation, partnerships and networks combine to deliver a unique set of products and services that help people, businesses and governments realize their greatest potential.
www.mastercard.com
About TerraPay
TerraPay simplifies global money movement, providing a single connection to one of the most expansive cross-border payment networks, regulated across multiple markets. Our network enables payments to receiving and sending countries worldwide, reaching a vast network of mobile wallets, bank accounts, and cards.
On a mission to create a borderless financial world, TerraPay makes money transfers instant, reliable, transparent, and fully compliant for its partners, connecting them to 3.7Bn+ mobile wallets, 7.5Bn+ bank accounts, in over 150+ countries. We work behind the scenes as the trusted partners for some of the world's most innovative financial players, from banks and digital wallets to MTOs, merchants and fintech platforms.
Since its founding, TerraPay has built a global interoperable wallet network that advances financial inclusion, even in hard-to-reach markets. TerraPay is headquartered in London, with offices in cities including Bangalore, Dubai, Bogota, Dares Salaam, Kampala, and Singapore.
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