Paycast will leverage Marqeta’s modern card
issuing platform and the Mastercard network to empower marketplaces
with payment solutions that help platforms and sellers grow with
fewer limitations.
Marqeta (NASDAQ: MQ), the global modern card issuing platform,
Mastercard (NYSE: MA), a leader in global payments, and Paycast (an
SPG Company), the marketplace payment engine, announced today a
collective partnership to power and launch a digital card product
to offer faster and more convenient ways for marketplace sellers to
get paid and do business.
Specialising in high-value and time-sensitive transactions,
Paycast enables marketplaces to hold funds in escrow between buyers
and sellers until the conditions of sale have been verified. The
ability for marketplace sellers to access these funds immediately
on a virtual card provides more choice and a modern experience for
accessing proceeds quickly and securely.
Marqeta is supporting Paycast with its fully-documented open API
platform, which enables digital builders such as Paycast to create
modern financial products with control and speed. Paycast will
leverage Marqeta’s virtual card functionality, which will give
Paycast customers the ability to participate in the authorisation
process and set rules that can support anti-fraud measures and
provide opportunities for loyalty and reward schemes for their
sellers. Marqeta and Mastercard have provided strategic funding to
SPG to enhance the Paycast proposition.
Mastercard will enable the use of the virtual cards on its
global card network, providing industry and functional expertise as
well as collaborating on customer growth initiatives and marketing.
Mastercard continues to invest in its expansive developer platform,
Mastercard Developers, to be the partner of choice for fintech
innovators across Europe, taking a relationship, technology-led and
mission-aligned approach to partnering with fintech companies.
“In the past 12 months we’ve seen a significant growth in online
marketplaces, yet at the same time there is a lack of payment
options for acquirers, marketplaces and their sellers. Paycast aims
to rectify that by bringing to market a new solution that will
provide sellers with one single place to manage all their
payments,” said Elle Kim, Managing Director of Paycast. “Marqeta is
the ideal partner to help us bring our vision to life, thanks to
its simple, easy-to-use suite of APIs that we’ve been able to use
to launch and quickly scale Paycast, and with our shared global
ambitions there’s a strong synergy.”
“We’re excited to support the launch of Paycast, which we think
will be an important new payment tool for online marketplaces,”
said Ian Johnson, SVP and Managing Director at Marqeta Europe.
“Paycast is a great example of the Marqeta platform’s versatility,
demonstrating how our platform can deliver on solutions across a
range of modern use cases, which can be replicated across different
international markets and verticals. We look forward to supporting
Paycast in its mission to develop and enrich payment solutions for
today’s businesses and consumers.”
“We are thrilled to be supporting Paycast on the next step of
their journey, having worked closely with them since their early
days in the Mastercard Start Path programme. From our technology
and data assets to our global ecosystem of partners and dedicated
programs, we are leveraging our tools and expertise to iterate with
Paycast at every stage, transforming bold ideas together,” said
Scott Abrahams, Senior Vice President, Business Development &
Fintech, Mastercard UK & Ireland.
Further Information
Paycast Virtual Card
Paycast’s Virtual Card will be a reloadable, multi-use, Prepaid
Virtual Card, issued by TPL (Transact Payments Limited) and
leveraging the Mastercard network. Ecommerce sellers (micro
enterprises and SMB) can opt-in for virtual card payout in early
2022 for marketplaces and sellers operating in the UK.
About Mastercard (NYSE:MA):
Mastercard is a global technology company in the payments
industry. Our mission is to connect and power an inclusive, digital
economy that benefits everyone, everywhere by making transactions
safe, simple, smart and accessible. Using secure data and networks,
partnerships and passion, our innovations and solutions help
individuals, financial institutions, governments and businesses
realize their greatest potential. Our decency quotient, or DQ,
drives our culture and everything we do inside and outside of our
company. With connections across more than 210 countries and
territories, we are building a sustainable world that unlocks
priceless possibilities for all.
About Marqeta (NASDAQ:MQ):
Marqeta’s modern card issuing platform empowers its customers to
create customized and innovative payment cards. Marqeta’s platform,
powered by open APIs, gives its customers the ability to build more
configurable and flexible payment experiences, accelerating product
development and democratizing access to card issuing technology.
Its modern architecture provides instant access to highly scalable,
cloud-based payment infrastructure that enables customers to launch
and manage their own card programs, issue cards and authorize and
settle transactions. Marqeta is headquartered in Oakland,
California and is enabled in 36 countries globally. For more
information, visit www.marqeta.com, Twitter and LinkedIn.
About Paycast
Paycast exists to level the playing field for marketplaces and
their sellers, with the ability to accept any value or volume of
payments, hold money in escrow based on bespoke transactions
conditions, and payout to any number of sellers, fast. Beyond
simply removing the regulatory and administrative burden of
managing payments for marketplaces and online platforms, Paycast is
striving to be the engine room for marketplace money, delivering
experiences that delight sellers and help them grow without
limitation.
Launched in 2020, Paycast is the second business to launch from
SPG, leveraging and building upon the group reputation as the
trusted partner for the payments that matter the most. For more
information, visit www.paycast.io and LinkedIn.
Forward-Looking Statements
This press release contains "forward-looking statements" within
the meaning of the "safe harbor" provisions of the Private
Securities Litigation Reform Act of 1995. Forward-looking
statements expressed or implied in this press release include, but
are not limited to, quotations and statements relating to Marqeta’s
relationship with Mastercard and Paycast, product capabilities, and
product adoption prospects. Actual results may differ materially
from the expectations contained in these statements due to risks
and uncertainties, including, but not limited to, the following:
any factors creating issues with the relationship with Mastercard
or Paycast and the qualities, capabilities, or adoption of
products. Detailed information about these risks and other factors
that could potentially affect Marqeta’s business, financial
condition and results of operations are included in the “Risk
Factors” disclosed in Marqeta's Quarterly Report on Form 10-Q for
the quarterly period ended September 30, 2021, as such risk factors
may be updated from time to time in Marqeta’s periodic filings with
the SEC, available at www.sec.gov and Marqeta’s website at
http://investors.marqeta.com. The forward-looking statements in
this press release are based on information available to Marqeta as
of the date hereof. Marqeta disclaims any obligation to update any
forward-looking statements, except as required by law.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20211124005761/en/
Mastercard: Suman Hughes, Communications,
suman.hughes@mastercard.com
Marqeta: Robert Fretwell, Spark Communications for Marqeta,
marqeta@sparkcomms.co.uk
Paycast: Claire Van der Zant, Customer Director,
cvanderzant@paycast.io
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