Developed with payment providers Klarna and Affirm and payments platform Branch, Marqeta’s new solution intends to optimise how Buy Now, Pay Later (BNPL) payment methods can be offered inside payment apps and wallets, delivering them at the moment of need within an existing payment flow.
The launch of Marqeta Flex comes after the company teamed up with Visa and Affirm to offer Visa Flexible Credential, a single card product for different payment methods, in the US. The collaboration was set to enable Marqeta to offer the solution, allowing cardholders of participating customers to implement parameters and decide whether they utilise credit, debit, pay-in-four with BNPL, or pay with reward points. Visa Flexible Credentials was intended to be rolled out initially in the US with Affirm later in 2024.
In a bid to further support the growth of BNPL solutions, Marqeta entered several partnerships, with the company offering pay-over-time options to consumers globally. Marqeta Flex is set to advance the BNPL space, with the solution expanding the distribution of these payment methods while customising the experience for shoppers to meet their needs, demands, and preferences.
Among the benefits of Marqeta Flex for consumers, payment providers, and issuers, the company mentions:
Consumers can benefit from guidance towards the BNPL options that can fit their specific needs, with them gaining access to these payment methods inside the apps they use most often;
When it comes to payment providers, Marqeta Flex can expand BNPL distribution, enabling them to deliver pay-over-time options to grow their customer base and get higher transaction volumes;
Card issuers and digital wallets can support payment volume by integrating multiple BNPL offerings into the transaction experience that can be personalised to user preferences. By implementing Marqeta Flex, they can access a range of global BNPL providers, which in turn increases the speed at which they can develop and launch card solutions.
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