Marqeta has developed a card-provisioning approach that cuts out steps in connecting consumers' mobile wallets with merchants for buy now/pay later purchases and other instant-finance transactions.
In a beta test with the private-label credit card issuer
The tool enables consumers to connect their mobile browser to a merchant-provided direct link or a QR code that immediately pushes funds to a consumer's mobile wallet, like Apple Pay or Google Pay, Marqeta said.
Typically consumers must add card details to a mobile wallet manually or via a download for in-app provisioning, the company 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," Simon Khalaf, Marqeta's chief product officer, said in the release.
In the BNPL arena, enabling a white-label finance provider like Bread Financial to contain the card-provisioning process within the merchant's own website instead of downloading a third-party app is seen as a key advantage, Marqeta said in the release.
"Bread is proud to partner with Marqeta to offer a buy now/pay later platform that keeps a merchant's brand at the forefront of the customer experience," Val Greer, executive vice president and chief commercial officer at Bread Financial, said in the release.
As mobile wallet usage steadily expands with the rise of mobile e-commerce, Marqeta hopes to expand the new approach to instantly tokenize consumers' cards into mobile wallets for different purposes.
"Airlines could instantly push a card to stranded passengers to cover food expenses during their delay, or insurance companies [could use it] to process a claim," Khalaf noted in the release.
