Marqeta, JPMorgan to enable virtual card issuance into digital wallets
Marqeta and JPMorgan Chase have entered a partnership that will allow the bank to instantly issue virtual cards to mobile wallets for its commercial card clients.
Marqueta will provide its unique card tokenization capabilities, which will allow JPMorgan corporate customers to make fast virtual payments for critical scenarios like sending disaster relief money on the fly or issuing funds to potential job candidates that need travel expenses.
"Our card tokenization technology powers instant issuance into mobile wallets and can now be integrated with existing card processing capabilities," Omri Dahan, chief revenue officer at Marqueta, said in a company release. "This opens up huge new possibilities for companies looking to streamline payments and provide innovative services to their people."
The company said that virtual wallets represent a $200 billion market, which is expected to grow by 20% by 2021.