Marqeta (NASDAQ: MQ) is being utilized by Western Union (NYSE:WU) to boost its “next-generation real-time multi-currency digital wallet and digital banking platform in Europe.”
Marqeta’s card issuing platform is said to allow Western Union’s remittance service to be offered online, with funds disbursed to a physical or virtual Visa card.
By adding the new service, Western Union will be able to manage the payment card issuing and processing workflow and give Western Union real-time insights into its customers’ card activity.
Tom Mazzaferro, Chief Data & Innovation Officer at Western Union, commented on the partnership:
“Given our global footprint and strong reputation, any new service has to be extremely robust, resilient, scalable and secure. It is vital to do this right and work with best-in-class providers and it was clear that Marqeta was a great choice for card issuing. The Marqeta platform delivers all the functionality needed to support the goals of our new digital banking program, alongside the flexibility to enter new markets with ease and design new features that meet the needs of our customers.”
Western Union is utilized in more than 200 countries and territories and in over 130 currencies.
Anna Porra, European Strategy Director at Marqeta Europe, said that Western Union has been a pioneer in payments and they are thrilled to be working with them in Europ:
“This hugely complex project was an exciting challenge, so we are very proud of the product we have all built. At a time when customer expectations are rising, creating a data-driven solution that leverages modern card issuing technology, as well as the expertise of an ecosystem of global partners, is critical to help gain a share of wallet.”