CFOtech New Zealand - Technology news for CFOs & financial decision-makers
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Marqeta and Afterpay innovate payments experience for ANZ
Thu, 6th May 2021
FYI, this story is more than a year old

Marqeta has partnered with Afterpay to issue virtual cards as part of its in-store solution in the Australia and New Zealand (ANZ) market.

Afterpay has transformed the way people pay by giving shoppers the ability to receive products immediately and pay in four instalments over a short period of time.

The service is free for customers, and is a service that doesn't incrue interest or include revolving and extended debt.

Afterpay reports that it has nearly 15 million active customers globally and is offered by nearly 86,000 merchants worldwide.

Furthermore, Afterpay recently launched a digital card that allows customers to use its service at physical retail stores.

Marqeta and Afterpay have also partnered in the United States and Canadian markets.

Marqeta is a modern card issuing platform designed to aid builders to in bringing new products to market.

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 build tailored payment solutions to create best-in-class experiences and power new modes of money movement.

The 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, the company states.

Marqeta has issued more than 270 million cards globally through its platform and processed its first Australian transactions in February 2020.

The Marqeta platform's tokenisation capabilities allow cards to be instantly issued and provisioned immediately into a mobile wallet.

These capabilities helped power the launch of Afterpay's in-store digital card product, the company states.

In addition, Marqeta's payments platform will help accelerate the onboarding of new merchant customers and allow for a seamless virtual experience for Afterpay customers, the company states.

Afterpay director of international expansion Lynne Lagan says, "Afterpay is reinventing the shopping experience for the next generation of consumers, giving them more control over their spending.

"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."

Marqueta country manager ANZ Duncan Currie says, “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 honour and validation of what a true global presence Marqeta has become.

“We're excited to grow and expand our relationship with them in the region and help them utilise the power of our modern card issuing platform to continue to expand and scale their business."