Marqeta’s tokenization functionality will integrate with Citi’s existing systems and enable Citi’s global cardholder base to provision corporate plastic cards as well as virtual cards into mobile wallets.
As the pandemic accelerated the widespread adoption of digital payments, the market for mobile wallets has also grown. According to data from Trading Platforms, digital or mobile wallet payments were the most used point of sale payment method globally in 2020, with 21.5% market share. By 2024, mobile wallets are projected to become even more popular, comprising one-third of all Point of Sale (POS) transactions worldwide, according to Trading Platforms estimates. Marqeta was among the first payments platforms to enable cards to be instantly provisioned and tokenized into a mobile wallet when it brought this technology to market in 2016.
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