Card issuing platform Marqeta is now transacting in Australia as it ramps up its global expansion.
Specifically, Marqeta is launching in Australia in partnership with two of its existing major global customers, Klarna and Doordash.
Last October, Marqeta announced that it is certified to process payments in 10 countries across APAC in partnership with Visa. Marqeta’s first live Australian transactions took place in early January.
According to JP Morgan, Australia has the highest penetration of traditional bank accounts in APAC.
At the same time, it is also experiencing a rapid rise in digital payments.
The average Australian made more than twice as many electronic payments in 2019 as they did 10 years ago.
Moreover, Marqeta expects to see double-digit growth in Australia mobile wallet payments in the next five years. Moreover, EY says that around 58% of the country already engages with new fintechs.
Australia represents a new addition to Marqeta’s increasingly global footprint. Marqeta announced in December that it has issued more than 140 million cards in the United States. It now qualifies as a top 25 US debit card issuer as a standalone platform. Marqeta operates in Canada and Europe where it launched in 2018 and is already powering over a dozen new customers.
Marqeta launches in Australia with single global platform
“Card issuing is on its way to being an $80trn global opportunity by 2030. Marqeta is perfectly positioned to take advantage of this over the coming years. We have a commitment to providing our customers with a single global platform to help them easily expand internationally. It’s rewarding to see our customers take advantage of the possibilities this provides them,” says Jason Gardner, founder and CEO of Marqeta.
“The Australian market relies heavily on card spending and is digitising rapidly. It is a market that was important to our customers. We see a lot of potential for Marqeta technology to help revolutionise customer experiences in payments.”