Following this announcement, by acquiring TransactPay, Marqeta is expected to strengthen its platform. In addition, the company will optimise its digital payments capabilities for customers in the UK and the European Union while also providing existing clients with the possibility to expand more easily into European markets.
Both Marqeta and TransactPay will continue to focus on meeting the needs, preferences, and demands of users and customers in an ever-evolving market, while prioritising the process of remaining compliant with the regulatory requirements and laws of the industry as well.
More information on Marqeta’s acquisition of TransactPay
Through this initiative, Marqeta users will be allowed to take advantage of full and secure card program management capabilities in the UK and EU while also having the possibility to avoid the added complexity associated with engaging multiple partners. At the same time, the integrated offer will include client and production support and strategic bank, network, and regulatory collaborations, which are set to ensure card programs can scale through the region.
Customers will also be able to partner with Marqeta as a trusted company that can assist in the process of navigating the local regulatory environment. As Marqeta’s platform was developed to simplify the initiative of launching in new geographic markets, the integration will also allow clients to get to market faster and more efficiently than starting from scratch in each landscape.
In the UK and EU, an EMI license is required for companies and institutions to issue and manage electronic money, including digital wallets and prepaid cards, in order to provide payment services such as online transactions, money transfers, virtual cards, and the overall ability to store customer funds electronically. By becoming a part of the Marqeta Group, TransactPay will have the capability to scale its existing BIN Sponsorship and digital wallet businesses even further while also enabling customers to offer card products with digital payment tools without the need for multiple partners.
