Marqeta partners Stables to power prepaid card

Following this collaboration, Marqeta’s dynamic spend controls and Just-in-Time funding capabilities are set to enable Stables’ customers to convert stablecoins into fiat and spend wherever Mastercard cards are accepted, be that online or in-store, worldwide.

Stables’ prepaid card for stablecoins

By making use of Marqeta’s Just-in-Time Funding feature, Stables can create card products that users can leverage from within their stablecoin wallet, carrying out authorisation decisions at the point of sale based on the user’s available stablecoin balance and funding transactions in fiat currency. 

Marqeta’s open APIs and dynamic spend controls enable customers of the like of Stables to build customisable experiences, integrating with other apps in an easy manner and providing visibility and transparency through means of real-time notifications and monitoring powered by webhooks.

State of the crypto market

Based on the information detailed in the announcement, Marqeta’s 2022 Consumer Money Movement survey found that 30% of participant Australians confirmed that they own cryptocurrency, whereas 93% of consumers surveyed globally stated that they held it like an asset. 

Furthermore, there’s a significant eagerness for consumers to do more with their holdings, as 82% of those surveyed worldwide have stated that they would be interested if their cryptocurrency exchange provided them with a debit card where they could spend cryptocurrency like dollars.

What is more, as per the survey, Australia-based consumers were more likely to leverage mobile wallets, cryptocurrency, and other digital payment options as opposed to US- and UK-based consumers. Furthermore, Australia had been investing in contactless payments prior to the pandemic and is a global leader in expediting digital change post-pandemic.

Commenting on this, Duncan Currie, Country Manager for Australia, and New Zealand, Marqeta advised that as Australia has been at the forefront of consumer adoption of new technologies, crypto payments exemplify a new wave of innovation that’s gaining traction within the APAC region. As per their statement, the company is looking forward to partnering with Stables and Mastercard and enabling them to create increasingly flexible payment options for their customers, leveraging Marqeta’s APIs.