Marqeta Builds Product for Mobile Wallets

The card issuance and processing platform with an open API Marqeta presented a product for providing services via web push, which helps merchants accept payments from mobile wallets.

Payment

The web push provisioning product will help sellers accept payments from mobile wallets without requiring their customers to download the corresponding one. Source: Pixabay.com

The new product has a characteristic feature in the form of the absence of a condition for mandatory downloading of the application for making payments by customers.

The product is currently in beta testing. The company plans to launch a new technology by the end of this year. The product of the card issuance and processing platform allows users to instantly transfer the card to a mobile wallet.

Representatives of Marqeta said that the absence of the need to download the application should help customers increase the conversion rate. They also stated that this specificity will improve the level of quality of user service.

Representatives of the company noted that the need to download the application presents a problem for customers in the form of unjustified complications of the money transfer procedure. Marqeta refers to an unnamed study, the results of which testified that 75% of users refuse transactions if they encounter the condition of mandatory downloading of the application.

Simon Khalaf, product director of Marqeta, said that the experience of the mass practice of using digital wallets confirms the high demand for a solution that allows users to quickly and easily provide virtual cards and tokens for use with Apple Pay and Google Pay.

The web push provisioning product meets this need and helps the company’s customers to provide their end users with a simplified ordering process.

Marqeta was founded in 2010. The firm gives companies that issue cards to employees and customers control over whether financial transactions are approved. At the end of 2020, due to the coronavirus pandemic, the number of Marqeta customers tripled.

As we have reported earlier, mobile wallets payments to increase by half amid coronacrisis.