Dubai, UAE — Mastercard has announced a strategic collaboration with TerraPay, a global money movement company, to enhance global digital wallet interoperability and expand access to seamless digital payments across markets.
The partnership will empower mobile money wallets, fintechs, and banks to offer their customers the ability to transact effortlessly at over 150 million Mastercard acceptance locations worldwide. Through the integration of NFC (Near Field Communication) technology and TerraPay’s Xend platform, wallet users will enjoy secure, instant, and borderless payments — both online and in person.
Unlocking Global Acceptance for Digital Wallets
The collaboration aims to unlock global acceptance for digital wallet users, enabling them to make contactless payments anywhere Mastercard is accepted. This breakthrough will allow millions of users, especially in emerging markets, to enjoy the same convenience, safety, and speed as cardholders.
Wallet providers, including mobile money operators and fintech platforms, will gain access to Mastercard’s advanced infrastructure and TerraPay’s interoperability technology, helping them accelerate time-to-market and simplify integration through TerraPay’s newly launched global payments platform, Xend.
“At TerraPay, our mission is to make every wallet roam — to work anywhere, just like your card does,” said Ambar Sur, Founder and CEO of TerraPay.
“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.”
Empowering the Digital Payments Ecosystem
According to the Mastercard 2024 Annual Report, 70% of in-person Mastercard transactions globally are now contactless — a payment method up to 10 times faster than traditional face-to-face transactions. Moreover, contactless-enabled accounts show higher spending activity compared to non-contactless ones, demonstrating the growing consumer demand for faster and more secure payment methods.
“At Mastercard, we are enabling innovation and global reach for digital wallets, which serve as key drivers of financial inclusion,” said Prakriti Singh, Executive Vice President, Core Payments, Mastercard EEMEA.
“Collaborations with ecosystem players like TerraPay are essential for scaling this impact through their multiple wallet partners, while simplifying the implementation process for seamless market expansion.”
This collaboration underscores Mastercard’s commitment to fostering an inclusive digital economy, where everyone — from consumers to small businesses — can participate in the global payments ecosystem securely and efficiently.
Driving Financial Inclusion and Payment Innovation
The rise of digital wallets has transformed payment behavior, particularly in emerging markets, where they are helping bridge the gap between traditional banking and digital finance. By combining Mastercard’s payment network with TerraPay’s cross-border interoperability, the partnership enables wallet providers to deliver global reach while maintaining local relevance.
Digital wallets powered by this integration can support:
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NFC-enabled contactless payments at physical stores
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Online and in-app transactions with global merchants
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Cross-border remittances and real-time money transfers
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Instant access to Mastercard’s global acceptance network
As consumers increasingly seek frictionless and secure payment experiences, this partnership brings a new era of interoperability — connecting the world’s digital wallets under one inclusive, scalable network.
Ankitt Yadu is the Editor at Entrepreneur News Network and TVW News India, where he leads editorial strategy, brand storytelling, and startup ecosystem coverage. With a strong focus on innovation, business, and marketing insights, he curates impactful narratives that spotlight India’s evolving entrepreneurial landscape.