Marqeta, a fintech unicorn that claims to be the first global modern card issuing platform, announced on Tuesday that J.P. Morgan will be using its card tokenization capabilities for the financial giant’s virtual card program.
According to Marqeta, the new functionality, which is anticipated to be available in early 2021, will integrate with J.P. Morgan’s existing systems and enable instant issuance of virtual cards into mobile wallets for J.P. Morgan’s Commercial Card clients. Marqeta stated:
“Our card tokenization technology powers instant issuance into mobile wallets and can now be integrated with existing card processing capabilities. This opens up huge new possibilities for companies looking to streamline payments and provide innovative services to their people. To bring this product to a company of J.P. Morgan’s scale and have it utilized in a new way is tremendously validating of its market potential.”
While sharing more details about the partnership, Head of Commercial Card at J.P. Morgan, John Skinner, stated Marqeta will add new elements to J.P. Morgan’s commercial card program. Skinner then concluded:
“Marqeta’s push to wallet functionality will add a new dimension to virtual card payments. With Marqeta, our virtual cards can be expanded to new use cases like facilitating payments to disaster relief volunteers or for recruitment spend where interview candidates can be issued a card into their mobile wallets for travel expenses.”
As previously reported, Marqeta claims it has re-engineered how payment cards, virtual cards, and mobile authorization products should be developed and deployed by providing a fully documented, open API issuer processor platform.
“Companies can build, issue and deploy innovative payment, finance and commerce solutions with enormous control over what, where, and how purchases are authorized.”