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Mastercard Pay Local links 2B users to 35M merchants

Mastercard Pay Local links 2B users to 35M merchants

GrafaGrafa2024/11/08 04:00
By:Isaac Francis

Mastercard has launched Pay Local, a service designed to enhance digital wallet accessibility by connecting Mastercard’s 2 billion cardholders to 35 million merchants worldwide.

Announced on Monday, Pay Local aims to streamline card payments for both local consumers and international travelers by enabling direct linkage of credit or debit cards to digital wallets, removing the need for prepaid accounts and offering improved payment flexibility.

According to Mastercard, Pay Local offers digital wallet providers access to Mastercard’s extensive network of cardholders, facilitating card-based payments and expanding choices for users.

The service is expected to benefit local businesses, allowing them to accept digital payments without the need for major infrastructure updates.

Pay Local builds on Mastercard’s partnerships with established wallet providers, such as Alipay in China and Octopus in Hong Kong, to offer tourists a seamless payment experience abroad, akin to what they would experience in their home countries.

“Mastercard continues to set new standards for the payments industry by offering global solutions that make a local impact,” emphasised Jorn Lambert, Mastercard’s chief product officer, highlighting the service’s community impact.

The service targets regions with high digital wallet usage, including Asia-Pacific, Latin America, and Africa.

Mastercard highlighted its collaborations with popular wallets like DANA in Indonesia, Touch ‘n Go in Malaysia, Bakong in Cambodia, and LankaPay in Sri Lanka, enabling consumers to make transactions at over 35 million merchants.

Mastercard explained that the service is also geared towards markets where digital wallets are common for daily transactions, such as Latin America, Eastern Europe, the Middle East, and Africa.

Through Pay Local, Mastercard aims to boost financial inclusion by encouraging digital wallet adoption, which supports local economies and enhances the payment experience for travelers.

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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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