Marqeta (NASDAQ: MQ), the global modern card issuing platform, announced its new web push provisioning product.
With web push provisioning, Marqeta customers can “reduce friction at the point-of-sale and enable their users to pay directly from their mobile wallets without requiring them to download a mobile application.”
This capability addresses “a common pain point for consumers – the friction of having to download an app that may rarely be used in order to complete a transaction – likely improving conversion rates and creating a smoother customer experience.”
Marqeta is one of the first card issuers “to launch instant issuance capabilities, and web push provisioning further extends Marqeta’s leadership in this space.”
The product is currently offered in Beta “with general availability expected later in 2023.”
Digital wallet usage has “accelerated in recent years, and global digital wallet transaction values are expected to grow 60% by 2026,” according to Juniper Research.
Consumer adoption is also “rising, with US consumers who reported using a mobile wallet in the past 12 months increasing from 64% in late 2020 to 71% in 2022, but studies show that over 75% of consumers surveyed have abandoned a transaction due to the requirement of having to download a mobile application to use services needed to check out.”
During Hack Week in Winter 2021, Marqeta team members “identified the potential impact of enabling brands to provision tokens from a mobile web browser, allowing their users to pay directly from their mobile wallets without forcing them to transact through an app, and web push provisioning was built in partnership with digital wallet providers Apple and Google.”
Marqeta Chief Product Officer Simon Khalaf said:
“Growing familiarity with digital wallets created demand for a solution that enables Marqeta customers to quickly and easily provision virtual cards and digital wallet tokens from the web for use with both Apple Pay and Google Pay. Our web push provisioning product meets that need and helps enable our customers to deliver a streamlined checkout experience to their end users.”
Marqeta’s tokenization portfolio is specifically “tailored to card issuers seeking the flexibility to drive results across a wide range of card programs with tokenization.”
Marqeta’s tokenization capabilities “include in-app, card on file, and manual solutions that power Tokenization-as-a-Service for leading brands including Bread Financial, JPMorgan Chase and Citi.”
As covered, Marqeta’s modern card issuing platform “empowers its customers to create customized and innovative payment cards.”
Marqeta’s platform, “powered by open APIs, gives its customers the ability to build more configurable and flexible payment experiences, accelerating product development and democratizing access to card issuing technology.”
Its modern architecture “provides instant access to highly scalable, cloud-based payment infrastructure that enables customers to launch and manage their own card programs, issue cards and authorize and settle transactions.”
Marqeta is “headquartered in Oakland, California and is certified to operate in 40 countries globally.”