Mastercard has launched Wallet Pay, a new portfolio designed to connect digital wallets to its international payments network across contactless transactions, QR codes, online checkouts and cross-border payments.
Announced on 10 September, the service is aimed at wallet providers whose platforms already serve a rapidly expanding global market. Mastercard said digital wallets now reach more than 4.3 billion users worldwide, while allowing participating providers to keep their existing consumer-facing services.
Wallet operators will be able to use Mastercard’s acceptance infrastructure for card issuance, in-store and online payments, and transfers between cards, wallets and bank accounts. The services will cover more than 200 countries and territories and 150 currencies.
“Digital wallets have rapidly evolved into robust, multi-service platforms, now serving over 4.3 billion users worldwide,” Mastercard said.
Research published by Juniper Research estimated that the digital wallet market had 4.4 billion users during 2025. It projects user growth of 35% over the next five years, with buy now, pay later services, virtual cards, digital identity, rewards, gamification and super-app functions among the features providers can use to distinguish their products.
The research also recommends combining different wallet and payment options while expanding access for people who are underbanked in emerging markets.
Participating companies include Alipay+, Axian, CRED, DaviPlata, Mercado Pago, MTN and TenPay Global. Alipay+ is helping connect AlipayHK, Clip, GCash, KakaoPay, TNG eWallet and TrueMoney. Mastercard said Alipay+ links more than 50 e-wallets and banking applications, as well as more than 10 national payment systems.
Wallet providers are increasingly expected to offer more than domestic merchant payments. International transfers, online shopping, contactless payments, virtual cards, rewards and wider financial services are becoming part of the competition.
Wallet Pay is intended for stored-value services, where money remains in an account until it is used for a purchase or transfer. Mastercard said providers can use its cloud-based payments technology without rebuilding their core infrastructure, and can also launch credit, debit or prepaid card programmes.
Digital wallets already support a range of payment methods, including bank cards, QR codes and cryptocurrency transfers. Bitcoin payments and cross-border transfers are generally initiated through a wallet by scanning a QR code or entering a recipient’s address. Mastercard said Wallet Pay is a separate commercial portfolio and is not a cryptocurrency product.
“Wallets are gateways to the digital economy and launchpads for broader financial services,” said Jorn Lambert, Mastercard’s Chief Product Officer. He said the portfolio was intended to improve interoperability and the user experience.
The launch forms part of Mastercard’s wider work across traditional payments, digital wallets and blockchain-based settlement. In June, the company announced plans to support six regulated stablecoins across eight blockchain networks, allowing participating issuers and payment processors to access intraday, weekend and holiday processing.
Mastercard’s global Crypto Partner Program includes more than 85 companies developing blockchain-based payments, remittances, business transfers and settlement. Earlier initiatives, including Mastercard Crypto Credential and the Multi-Token Network, focus on identity, compliance and settlement for blockchain transactions.
Mastercard Transaction Services (U.S.) LLC received a Virtual Currency License from the New York State Department of Financial Services on…
