OAKLAND, Calif.--(BUSINESS WIRE)--Marqeta, the global modern card issuing platform, today unveiled its new Tokenization-as-a-Service product, which allows any card issuer to access its industry leading tokenization technology.
Marqeta’s Tokenization-as-a-Service, already being adopted by J.P. Morgan, is an industry-first offering allowing non-Marqeta card programs to benefit from its modern platform, tokenization expertise, and built-in certifications with digital wallets and the card networks, without interrupting their existing issuing processor relationships. This new offering is available for any card type -- including cards not directly issued on the Marqeta platform -- and is used to instantly provision cards into a mobile wallet. Marqeta’s Tokenization-as-a-Service product is designed to fill a functionality gap with legacy processors, providing customers access to many features of Marqeta’s best-in-class modern card issuing platform: automated, zero-code authentication for customer verification during provisioning, easy management of tokens through Marqeta’s APIs, and notifications when customers add or remove cards from mobile wallets through webhooks.
“Marqeta is proud of its market leadership and innovation around instant card issuance and network tokenization and we’re excited to open this technology up to any card issuer, especially at a moment when immediate access to funds and safe, touch-free payment options is so important,” said Kevin Doerr, Chief Product Officer at Marqeta. “Marqeta’s Tokenization-as-a-Service product opens up huge new possibilities for companies who are looking to innovate quickly, but don’t have access to modern technology. The net result will be streamlined access to digital payment options and more innovative services for end users.”
In 2016, through its work with Square’s Cash App, Marqeta was the first payments platform to bring technology to market allowing cards issued through its platform to be tokenized and instantly provisioned into a mobile wallet. This allowed cardholders to use their cards instantly through a mobile wallet, without having to wait for a physical card to arrive, or manually enter card numbers. According to Marqeta’s latest consumer payments survey, 64% of U.S. consumers now use a mobile wallet, up from 38% in 2019. Seventy-three percent of consumers say concerns around COVID-19 motivated them to use their mobile wallet more.1 Through the Marqeta platform, in verticals like on-demand delivery, the use of contactless payments by couriers at the height of the shutdown rose as much as 20X, compared with pre-pandemic levels.
Alongside this new product, the company also announced an expansion of its existing Apple Pay and Google Pay integrations into Canada, Europe and Australia. This will further streamline onboarding Marqeta customers, allowing them to integrate once with Marqeta and then easily turn on card tokenization in new global markets. Marqeta is now also integrated with Samsung Pay, and works with all major mobile wallets.
About Marqeta
Marqeta is the first global modern card issuing platform, providing the most advanced infrastructure and tools for building highly configurable payment cards. With its open API, the Marqeta platform is designed for businesses who want a simple and tailored way of managing payment programs so that they can create world-class experiences and power new modes of commerce. Marqeta is headquartered in Oakland, California. For more information, visit www.marqeta.com, Twitter and LinkedIn.
1 Survey of 2,005 US consumers aged 18-65, performed by Propeller Insights on behalf of Marqeta, from September 8-14, 2020
