J.P. Morgan to leverage Marqeta's card tokenization capabilities

This functionality is anticipated to be available in early 2021, and it will integrate with J.P. Morgan’s existing systems. It is meant to enable instant issuance of virtual cards into mobile wallets for J.P. Morgan’s Commercial Card clients.

Business Wire reveals that virtual card use is a more than USD 200 billion market, projected to grow by 20% annually through 2021, and instant tokenization into mobile wallets promises to change how these cards are issued. Over one billion people are expected to make a payment using a mobile wallet in 2020 as people become increasingly accustomed to this new way to pay. In 2016, Marqeta brought technology to market, allowing virtual cards to be instantly provisioned and tokenized into a mobile wallet. These card tokenization capabilities will be integrated into J.P. Morgan’s Commercial Card programmes, to instantly issue payments into any mobile wallet.