Mastercard Teams With TerraPay to Expand Digital Wallet Use

Core Insights - Mastercard has partnered with TerraPay to enhance digital payment capabilities for its wallet partners, including mobile money wallets, FinTechs, and banks [2][3] - The collaboration aims to provide global payment interoperability, allowing wallet customers to transact at over 150 million Mastercard acceptance locations using NFC payments [3][4] Group 1: Partnership Details - The partnership will enable wallet customers to transact seamlessly at more than 150 million Mastercard acceptance locations [3] - The collaboration is expected to empower users to move and pay safely, instantly, and without borders [2] Group 2: Market Trends - 70% of in-person Mastercard transactions are now contactless, which are up to 10 times faster than other payment methods [4] - In-store usage of mobile wallets surged to 31% as of summer 2023, a significant increase from 14% the previous year, driven primarily by millennials [4][5] Group 3: Consumer Behavior - Ease of use is the primary motivator for adopting mobile wallets, especially among Gen Z, while older users prioritize security [6] - 82% of merchants plan to expand the use of digital wallets this year, indicating a growing trend in both consumer and B2B spaces [6][7]