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Marqeta partners with Scalapay for BNPL in Europe

Wednesday 18 October 2023 10:53 CET | News

Global modern card issuing platform Marqeta has partnered with European BNPL provider Scalapay to issue cards both online and in-store.

 

Marqeta and Scalapay have signed a five-year exclusive contract where Marqeta is set to issue virtual cards for online and in-person transactions, looking to simplify the payment experience for merchants and consumers alike.

BNPL and what the Marqeta – Scalapay partnership entails

Per the announcement information, Buy Now, Pay Later (BNPL) continues to be a focal point of consumer interest worldwide, with Marqeta’s 2022 State of Credit survey showcasing that over one in three people (35%) surveyed confirmed they currently leverage BNPL more than credit cards, highlighting continued engagement with the lending vertical.

Marqeta’s platform flexibility helps further enhance the shopping experience provided by Scalapay. By making use of Marqeta’s Just-in-Time Funding feature, once a Scalapay consumer receives approval for their loan and completes a purchase, a virtual card is created instantly and funded for the exact loan amount. The card can be used immediately for online and in-store payments through a digital wallet and via the existing checkout or POS, exponentially expanding the number of partners where customers can finance their purchases.

Marqeta partners with Scalapay for BNPL in Europe

When commenting on the collaboration, Scalapay officials advised that the company is on the constant lookout for new ways to make use of modern payment technologies to create a simplified experience for its customers. The spokesperson believes Marqeta’s technical acumen and scalable platform to be an ‘ideal partner’ for Scalapay in supporting its partners to create improved shopping experiences for their customers.

The press release highlights that as Italy’s first fintech unicorn, Scalapay has seen significant momentum following its 2019 founding, having raised USD 727 million in funding to date. With over 5,000 stores and 7,000 physical points of sale, Scalapay’s ‘pay in 3 or 4 instalments’ products reach more than 5 million users across Europe, and its merchants have seen a 48% increase in average order value, increased cart conversion, and decreased abandonment rates. What is more, Marqeta is set to help expedite merchant onboarding by reducing friction at the point of sale and creating an increasingly fast and simplified experience for their end users.

More to this point, Marqeta representatives added that customer demand for flexible payments continues to grow, and the company is looking forward to collaborating with Scalapay as it creates a more seamless shopping experience for its users and helps its merchants increase adoption. As more companies embrace new checkout options, the official believes Marqeta to be well-positioned to continue its momentum in Europe and cooperate closely with its customers to provide high-quality, and innovative payment offerings.

Marqeta’s mission and offering

Marqeta’s modern card issuing platform enables its customers to create customised and innovative payment cards, and as it is powered by open APIs, it offers the ability to build increasingly configurable and flexible payment experiences, expediting product development and democratising access to card-issuing technology. Its modern architecture provides instant access to highly scalable, cloud-based payment infrastructure that enables customers to launch and manage their own card programmes, issue cards, and authorise and settle transactions.

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Keywords: partnership, BNPL, payments , instalment payments, virtual card, paytech, fintech, merchants, ecommerce
Categories: Payments & Commerce
Companies: Marqeta, Scalapay
Countries: Europe
This article is part of category

Payments & Commerce

Marqeta

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Scalapay

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