Marqeta (NASDAQ:MQ) has announced that Google Pay will use its modern card issuing platform to facilitate a tokenized, virtual card that gives Google Pay users more ways to use their Google Pay Card.
Marqeta is an interesting infrastructure Fintech that became a publicly traded company this past June at a valuation of around $15 billion. Google (NASDAQ:GOOG) continues to delve deeper into Fintech due to its extensive reach across the cyber-sphere.
Tarun Bhatnagar, VP of Payments Americas, Google Pay, stated:
“We are always looking for ways to make Google Pay more helpful to our users. By working with Marqeta, we are able to give our users another way to spend the funds in their Google Pay balance, making it even easier to pay for everyday items.”
Jason Gardner, founder and CEO of Marqeta, said the power of modern card issuing is being able to embed a card into an app like Google Pay and create completely new vectors of commerce that change how consumers relate to their money.
“Marqeta’s modern card issuing platform is designed to be able to help the world’s most innovative companies execute game changing products at scale, and it’s hard to find a company that embodies this more than Google. We’re honored to be working with Google Pay.”
The virtual Google Pay balance card is said to enable users to easily spend their Google Pay balance through a virtual card tokenized into a mobile wallet and used at accepting merchants. Previously, Google Pay balance users could use their balance for person-to-person payments, purchases on eligible Google-owned properties, or they could transfer their funds to their bank account. Now purchases can be made directly from their Google Pay balance.
As online and contactless payments have boomed, Marqeta’s services have experienced increasing demand. Marqeta’s platform is powered by open APIs, that can accelerate product development and access to card-issuing technology.