Marqeta, the global modern card issuing platform, unveiled its new Tokenization-as-a-Service product, which allows any card issuer to access its industry leading tokenization technology.
Marqeta’s Tokenization-as-a-Service, already being adopted by J.P. Morgan, is an industry-first offering allowing non-Marqeta card programs to benefit from its modern platform, tokenization expertise, and built-in certifications with digital wallets and the card networks, without interrupting their existing issuing processor relationships. This new offering is available for any card type — including cards not directly issued on the Marqeta platform — and is used to instantly provision cards into a mobile wallet. Marqeta’s Tokenization-as-a-Service product is designed to fill a functionality gap with legacy processors, providing customers access to many features of Marqeta’s best-in-class modern card issuing platform: automated, zero-code authentication for customer verification during provisioning, easy management of tokens through Marqeta’s APIs, and notifications when customers add or remove cards from mobile wallets through webhooks.
“Marqeta is proud of its market leadership and innovation around instant card issuance and network tokenization and we’re excited to open this technology up to any card issuer, especially at a moment when immediate access to funds and safe, touch-free payment options is so important,” said Kevin Doerr, Chief Product Officer at Marqeta. “Marqeta’s Tokenization-as-a-Service product opens up huge new possibilities for companies who are looking to innovate quickly, but don’t have access to modern technology. The net result will be streamlined access to digital payment options and more innovative services for end users.”
Since the pandemic began, consumers have changed the way they pay.
Did you know?
- As cash use continues to decline, digital wallet usage has increased, although preferred apps vary across regions and age groups.
TSG conducted a survey of 483 consumers in the U.S., with the goal of understanding the impact COVID-19 has had on the way the U.S. consumer pays for goods and services.
Click here to download the infographic based on payment method insights.