According to the press release, mobile-enabled Tymit aims to position itself as a fairer credit card that allows users to opt for buy now, pay later instalments or access traditional credit if desired. The offering gives customers the ability to issue virtual credit cards and create repayment plans, with interest paid on purchases rather than across the entire balance.
Furthermore, Marqeta’s open API platform underpins Tymit’s processing function, allowing instantly issued virtual cards as well as dynamic and bespoke spending limits. Thanks to Marqeta’s single integration possibilities, digital payments players are effectively able to replicate their existing card programmes and apply localisation traits to launch in new territories in a fraction of the time.
Overall, the partnership with Tymit represents a further strengthening of Marqeta’s presence in the credit market.
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