Marqeta’s innovative tokenization technology and modern card issuing platform will support Afterpay’s in-store digital card.
MELBOURNE, Australia, May 6, 2021 — Marqeta, the global modern card issuing platform, announced today it has partnered with Afterpay to issue “virtual cards” as part of its in-store solution in the ANZ market.
Afterpay has transformed the way people pay by giving shoppers the ability to receive products immediately and pay in four installments over a short period of time. The service is completely free for customers[1] – helping consumers spend money responsibly, without incurring interest or revolving and extended debt. Afterpay reports that it has nearly 15 million active customers globally and is offered by nearly 86,000 merchants worldwide. Afterpay recently launched a digital card that allows customers to use its service at physical retail stores.
The Marqeta platform’s innovative tokenization capabilities allow cards to be instantly issued and provisioned immediately into a mobile wallet and helped power the launch of Afterpay’s in-store digital card product. Marqeta and Afterpay have also partnered in the United States and Canadian markets.
“Afterpay is reinventing the shopping experience for the next generation of consumers, giving them more control over their spending,” said Lynne Lagan, director of international expansion for Afterpay. “Through our partnership with Marqeta, we are able to give our customers the same seamless and convenient payment experience whether they are shopping online or in person.”
Marqeta has issued more than 270 million cards globally through its platform and processed its first Australian transactions in February 2020. Marqeta’s innovative payments platform will help accelerate the onboarding of new merchant customers and power a seamless virtual experience for Afterpay customers. Its global modern card issuing platform has brought speed and efficiency to an industry previously dominated by legacy players, with the world’s first open-API platform.
“Afterpay has become a truly global fintech innovator, but to help support its business in Australia, where the company was founded, as well as New Zealand, is a true honor and validation of what a true global presence Marqeta has become,” said Duncan Currie, Marqeta Country Manager for Australia and New Zealand. “We’re excited to grow and expand our relationship with them in the region and help them utilize the power of our modern card issuing platform to continue to expand and scale their business.”
About Marqeta
Marqeta is the modern card issuing platform empowering builders to bring the most innovative products to the world. Marqeta provides developers advanced infrastructure and tools for building highly configurable payment cards. With its open APIs, the Marqeta platform is designed for businesses who want to easily build tailored payment solutions to create best-in-class experiences and power new modes of money movement. Marqeta is headquartered in Oakland, California. For more information, visit www.marqeta.com, Twitter and LinkedIn.
[1] Late fees may apply. Eligibility criteria apply. See https://www.afterpay.com/en-AU for full terms.
