Mastercard has launched a digital wallet partnership with money movement company TerraPay.By completing this form, you agree to receive marketing communications from PYMNTS and to the sharing of your information with our sponsor, if applicable, in accordance with our Privacy Policy and Terms and Conditions .Complete the form to unlock this article and enjoy unlimited free access to all PYMNTS content — no additional logins required.This collaboration is designed to provide the latest in digital payment capa ...

Core Insights - The Asia Pacific region is leading the global shift towards a cashless economy, with digital wallets accounting for nearly two-thirds of global spending at approximately $9.8 trillion in 2023, and the highest penetration rates among all regions [17][15][10] - Public-private collaboration is essential for enhancing payment interoperability, with governments introducing regulations and infrastructure to support digital payment systems [33][40][54] - Digital wallets are evolving into super apps, integrating various third-party services to streamline the shopping experience and cater to omnichannel commerce [56][57] - Fintech innovations are driving financial inclusion and sustainability, providing opportunities for micro, small, and medium enterprises (MSMEs) while addressing environmental concerns [18][19][25] Group 1: Digital Payment Evolution - Digital wallets have become the preferred payment method globally, representing 77% of e-commerce transaction value in the Asia Pacific region in 2023 [21][22] - The digital wallet market is projected to grow at a CAGR of 13% through 2027, driven by the increasing adoption of interoperable QR codes [25][15] - The Asia Pacific region is home to the fastest-growing digital wallet market, with significant participation from banks, credit card companies, and fintech players [31][32] Group 2: Public-Private Collaboration - Governments are investing in digital payment infrastructure to enhance connectivity and interoperability, with over 100 countries implementing government-backed fast payment systems as of June 2023 [41][40] - Cross-border payment solutions are being developed to facilitate seamless transactions for consumers traveling abroad, with initiatives like Project Nexus connecting payment systems across regions [51][45] - Public-private partnerships are crucial for the success of digital payment initiatives, as seen in the collaboration between Alipay+ and various national QR schemes [54][55] Group 3: Digital Wallets as Super Apps - Digital wallets are transitioning into super apps, offering a suite of services that enhance the shopping experience and simplify user interactions [56][57] - Super apps allow for integrated services, enabling users to access multiple functionalities without needing separate applications [56][57] - The success of super apps in regions like Southeast Asia is evident, with platforms like Touch'N Go evolving from transportation payments to comprehensive digital wallet solutions [57] Group 4: Fintech and Sustainable Growth - Digital payments are instrumental in promoting financial inclusion, particularly for MSMEs, by providing access to financing and facilitating business growth [18][19] - The integration of carbon offset programs within digital wallets reflects a growing emphasis on sustainability in the fintech sector [25][19] - The evolving landscape of digital payments is seen as a pathway for enhanced user engagement and value creation in the fintech industry [18][19]