Mastercard and TerraPay have formed a partnership that will allow a range of wallet providers to offer contactless payments across Mastercard’s global network.
The arrangement is intended to give wallet users access to in-person transactions through near-field communication (NFC) at more than 150 million locations worldwide. As part of the initiative, TerraPay will integrate its recently launched Xend platform, which is designed to streamline interoperability and reduce the time required for wallet providers to introduce new payment services.
According to TerraPay officials, the company views the collaboration as an expansion of its long-running effort to link financial institutions and wallets across a wide range of markets. Representatives said the goal is to make digital wallets function across borders in a manner similar to existing card networks, enabling users to pay quickly and reliably in various countries.
A push toward interoperable digital payments
Mastercard’s own reporting indicates that contactless usage continues to rise. Its 2024 annual report notes that around 70% of its in-person transactions are now contactless, a method the company describes as significantly faster than traditional card-based payments. Mastercard officials stated that digital wallets have become an important part of how consumers transact, particularly in regions where mobile-based financial services are well established. They added that working with companies such as TerraPay helps expand access to digital payment options by connecting multiple wallet providers through a common infrastructure.
The growth of wallet services has been especially notable in emerging markets, where they are used both for online purchases and in-person transactions at point-of-sale terminals. Supporters of the technology argue that contactless payments offer practical advantages such as quicker checkout times and reduced reliance on physical cards.
Both companies continue to expand internationally. Mastercard operates in more than 200 jurisdictions, while TerraPay, headquartered in London, maintains operations across several continents and connects to billions of mobile wallets and bank accounts worldwide.
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