Marqeta (NASDAQ: MQ) has announced that Bread Financial (NYSE: BFH) will be using their services for an in-store checkout experience for shoppers using Bread PayTM, its suite of Buy Now, Pay Later (BNPL) products.
Bread Financial is expected to launch the Bread PayTM One-Time Use Card, for a “Pay in 4 and installment loan products” for use both in-store and online.
Val Greer, EVP and Chief Commercial Officer at Bread Financial, they are at the forefront of innovation in the BNPL sector and this partnership will provide shoppers with more flexibility and choice:
“We are proud to partner with Marqeta to offer new flexible payment options that will keep the merchant’s brand at the forefront of the path to purchase and deliver a more seamless experience for the end user.”
Marqeta reports that almost half of consumers (47%) surveyed by Marqeta in 2021 said they had used a BNPL solution, up 27% from 2020.
Simon Khalaf, Chief Product Officer at Marqeta, said that demand for BNPL has compelled merchants to loo for ways to provide new flexibility in payments:
“Marqeta is constantly evolving our platform and seeking ways to offer our customers the latest advancements in payments. We’re excited to work with Bread to streamline its BNPL offering and make it simpler for customers to implement BNPL across their checkout experiences.”