Visa and Marqeta, the open API payment card issuing platform, have reached a multi-year, global partnership aimed at driving innovations in commercial and consumer payments.
Furthermore, Visa has made a strategic investment in Marqeta to support Marqeta’s domestic and international growth objectives.
Visa said that the initial efforts of the partnership will focus on growing opportunities for virtual, physical and tokenised payments across numerous commercial markets.
Marqeta’s platform and patent-pending Just-In-Time (JIT) Funding feature enables companies to authorise their own card transactions, fundamentally changing how companies engage with card issuing and transaction processing.
Visa executive vice president of innovation and strategic partnerships Jim McCarthy said: “We’re excited to partner with Marqeta to collectively bring our unique assets and capabilities to more partners and clients globally.
“We are always looking for partnerships and investments that allow us to evaluate innovative, new ways to support our clients’ needs, and increasingly see open, developer-friendly platforms as a way to help clients move quickly in today’s fast-paced environment.”