Marqeta (NASDAQ: MQ) has announced that Citi Commercial Cards (NYSE:C) has selected its tokenization-as-a-service offering to facilitate the provisioning of cards into mobile wallets. Marqeta is a digital/physical card issuing platform that integrates with digital wallets enabling additional features and services. In recent years, virtual cards and mobile wallets have risen in popularity.
Marqeta’s tokenization functionality is said to integrate with Citi’s existing systems and all Citi’s global cardholder base to provision corporate plastic/virtual cards into mobile wallets.
Gonca Latif-Schmitt, Global Head of Citi Commercial Cards, said the offering will provide corporate clients with a way to instantly provision a card into their mobile wallet of choice:
“Marqeta’s tokenization services will be implemented globally in over 40 markets. We’re committed to supporting new use cases and work tirelessly to ensure our corporate clients and their employees around the world can take advantage of the latest payments technologies to help their businesses succeed.”
Marqeta cites data from Trading Platforms that digital or mobile wallet payments were the most used point of sale payment method globally in 2020, with 21.5% market share. Within 2 years, mobile wallets are predicted to comprise one-third of all Point of Sale (POS) transactions worldwide.
“We’re proud to work with a leading global financial services company like Citi to offer our innovative tokenization technology and services to their clients,” said Jason Gardner, founder and CEO of Marqeta. “Having immediate access to secure contactless payment options is critical for businesses today. Our offering will open up new opportunities for Citi’s clients worldwide, and we’re excited to build upon our partnership with them and work on additional capabilities in the coming years.”