Card issuing platform Marqeta has announced a new collaborative initiative with payments leader Visa aimed at enabling global expansion for multinational card programmes.
The new product will feature a “streamlined developer-friendly path” for Visa issuers to build, test and launch digital-first card programs in 10 Asia-Pacific markets
“Bringing Marqeta and Visa technology together like this in Asia-Pacific is creating an entirely new product proposition, at a scale that hasn’t been done before,” explained Jason Gardner, founder and CEO at Marqeta.
“The possibilities are massive, helping digital payments innovators scale faster in the world’s most rapidly evolving ecosystem.”
Marqeta commissioned research found digital payments as an industry is expected to increase in the region by $23 trillion over the next decade – making it the world’s fastest growing digital payments landscape.
Visa partners will be able to utilise Marqeta’s existing sand-box and APIs to create new issuing programs plus build and test consumer payment applications for the region on its platform.
Gardner concluded: “We’re excited to be working with Visa in Asia-Pacific on a forward thinking application of our technology, and see this as a major step in expanding Marqeta’s global footprint as well as helping our existing customer base grow into new regions.”
Visa research discovered a total of 90 active mobile wallet programs across the region, more than 150 active or pending digital banking licenses, and several industry leading alternative credit / installment programs.
The Marqeta platform has been certified Visa ready in 10 Asia Pacific markets, including: Australia, Hong Kong, Japan, Malaysia, New Zealand, Philippines, Singapore, Taiwan, Thailand and Vietnam.
“Global brands and fintechs interested in expanding into Asia have a way to quickly test and learn in new markets,” added Matt Dill, Visa’s global head of strategic partnerships and venture.
“If you’re a startup based in Asia, you have access to world-class developer tools.”