Wednesday, 15 July 2020

Afterpay selects Marqeta as its US issuing partner

Marqeta announced that it has been selected to partner with Afterpay, the leader in “Buy Now, Pay Later” payments, to help accelerate its growth in the US market and support new innovative product offerings for its customers.

Afterpay has transformed the way people pay by enabling merchants to allow shoppers to receive products immediately and pay in four simple installments over a short period of time. The service is completely free for customers who pay on time – helping consumers spend money responsibly, without incurring interest, fees or revolving and extended debt. Its innovative digital platform is offered by more than 43,000 merchants worldwide and used by more than seven million active customers globally.

Marqeta’s 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. Its innovative payments platform will help accelerate the onboarding of new merchant customers and power a seamless virtual experience for Afterpay customers.

Marqeta works with fintech disruptors across almost every major vertical, from on-demand delivery to digital banking and point of sale finance, providing a single, global platform where innovators can build product prototypes in days, launch in market in weeks, and scale their businesses globally. Marqeta has issued close to 150 million cards to date and operates globally in the United States, Canada, Europe and is certified to process payments in 10 markets in Asia-Pacific through a partnership with Visa.

“Afterpay helps the world’s best brands connect with a new generation of customers who want to shop in a way that gives them control and the ability to budget their own money,” said Kareem Al-Bassam, chief payments officer for Afterpay. “For this reason, we are seeing tremendous business momentum. This new partnership with Marqeta provides us with a platform that will help us scale our US business.”

“Marqeta is thrilled to be partnering with Afterpay in the United States, and we also look forward to working together on additional markets using Marqeta’s global platform capabilities,” said Omri Dahan, Marqeta’s chief revenue officer. “This partnership is yet another validation that Marqeta is the natural choice for developers with true innovation and scale in mind. When the best technology comes together with aligned cultures and strong partnership, extraordinary outcomes are possible.”

Re-disseminated by The Asian Banker

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