Mastercard Partners with TerraPay to Enhance Digital Wallet Accessibility

Mastercard has announced a collaboration with TerraPay, a global money movement company, to enhance the capabilities of digital wallets worldwide. This partnership will enable wallet users to transact at over 150 million Mastercard acceptance locations using NFC technology. TerraPay will also facilitate a faster launch and integration process through its interoperability platform, Xend.

According to Mastercard's 2024 report, 70% of its in-person transactions are contactless, underlining the growing popularity of this payment method. With TerraPay's infrastructure, wallet providers will have access to advanced technology to increase adoption rates among consumers and merchants. This collaboration underscores the commitment to improving financial inclusion through digital innovations.