Visa, the world’s leader in digital payments, and Marqeta, the modern card issuing platform, today announced a platform collaboration intended to ease global expansion for multi-national card programs. The project plans to provide a streamlined developer-friendly path for Visa issuers to build, test and launch digital-first card programs in 10 Asia Pacific markets. Asia Pacific is home to 4.3 billion people1, and with digital payments expected to increase in the region by $23 trillion over the next decade2, it is the world’s fastest growing digital payments landscape.
Working with Marqeta and Visa, partners can open a laptop to access Marqeta’s existing sand-box and publicly available APIs. Brands that enter into a commercial partnership with Visa can create new issuing programs and can rapidly build and test consumer payment applications in multiple Asia Pacific markets on the Marqeta platform.
Visa and Marqeta’s combined offering is designed to provide a solution for innovators to benefit from the following:
- Rapidly build new payment applications: Developers will be able to begin testing products in Marqeta’s live sandbox.
- Test and learn UI/UX: The solution is intended to allow partners to work on the user interface and experience to trial all kinds of creative payment solutions, while also working with the Marqeta issuing API and developer sandbox to set up payment processing.
- Simplify and accelerate international expansion: The solution is designed to enable partners to go live across multiple Asia Pacific markets quickly, prioritizing speed, streamlining the burden of launching and scaling new card programs.
“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. The possibilities are massive, helping digital payments innovators scale faster in the world’s most rapidly evolving ecosystem” said Jason Gardner, founder and CEO at Marqeta. “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.”
The Asia Pacific region has a burgeoning payments ecosystem populated by companies ranging in size from venture-funded start-ups to big tech platforms. Visa research tracks 90 active mobile wallet programs across the region, more than 150 active or pending digital banking licenses, and several industry leading alternative credit / installment programs3. Digital first card processors, like Marqeta, power new mobile or application based payment experiences and extend the reach and/or utility of Visa products into new segments and new consumer experiences.
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. If you’re a startup based in Asia, you have access to world-class developer tools,” said Matt Dill, Visa’s global head of strategic partnerships and venture.
Marqeta is the leading global modern card issuing platform, providing the most advanced infrastructure and tools for building highly configurable payment cards. With its open API, the Marqeta platform is designed for innovators who want a simplified way of managing payment programs so that they can create world-class experiences and power new modes of commerce. Marqeta is headquartered in Oakland, California. For more information, visit www.marqeta.com, Twitter and LinkedIn.
1United Nations Population Fund
2 Edgar, Dunn & Company Research, commissioned by Marqeta
3 Visa Global Sales Data