Marqeta (NASDAQ: MQ) has reportedly integrated Mastercard Track™ Instant Pay, which is described as a next-generation virtual card solution that “uses machine learning and straight-through processing to enable instant payment of supplier invoices.”
Marqeta says it will “become the first processor to integrate with Track Instant Pay in the U.S., enabling our customers to authorize supplier payments and manage cash flow more quickly and seamlessly.”
With Track Instant Pay, Marqeta customers in the U.S. “will be able to immediately authorize payment to suppliers after invoices are received instead of waiting for invoices to be approved manually, freeing up time to focus on growing their businesses instead of administrative tasks.”
This payment process empowers their customers “to pay invoices more efficiently and access cost savings by avoiding costly check processing fees.”
Marie Elizabeth Aloisi, executive vice president, Commercial Solutions at Mastercard, said:
“Mastercard is focused on modernizing payments around the world and delivering a seamless digital experience – unlocking new opportunities for businesses to get paid how they want to get paid. With the integration of Mastercard Track Instant Pay, we are proud to enhance our relationship with Marqeta to deliver robust virtual card solutions to our joint customers.”
Recently, Marqeta reportedly “launched several joint initiatives with Mastercard, including the Uber Pro Card with Branch, a debit card that enables Uber drivers and couriers to earn cash back on gas and EV charging, and powering Stash Core, a new banking experience and debit card that will help Stash to more easily welcome new customers and serve millions of everyday Americans who want to build long-term wealth.”
They continue “to work closely to collaborate on products and solutions to enable their joint partners to tap into capabilities that deliver differentiated payment experiences.”
As covered, Marqeta has announced a partnership with Blockchain.com to provide a Visa card that now claims 50K+ sign-ups at launch.
The new card, first available to US customers, will be fee-free and generate a 1% crypto-back for users. The card will enable holders to spend their crypto or fiat currency via their digital wallet.
Peter Smith, Blockchain.com CEO and co-founder, said that as one of the oldest crypto platforms, they are excited to take the next step and make crypto easy to spend anywhere in the world.
“This is a prime example of digital assets making their mark on the existing financial services industry as we shape the future of (mainstream) finance.”
Simon Khalaf, Chief Product Officer at Marqeta said they see a “huge DNA fit” with the partnership:
“Blockchain.com has built up a massive user base, and we’re proud that our platform can make it possible for their customers to spend against their cryptocurrency wallet at the point of sale, using the magic of Just-in-Time funding. Blockchain.com’s new Visa card is a textbook example of the possibility of Marqeta’s technology and we look forward to working together to build innovative products like this as crypto evolves in the years to come.”