Marqeta, the global card issuing platform, has today announced its partnership in Australia with leading player in the digital retail finance and payments industry, Zip.
Headquartered in Oakland, California, Marqeta is a card issuing platform that enables clients to build more configurable and flexible payment experiences - accelerating time-to-market and democratising access to card issuing technology. Marqeta is currently certified to operate in 36 countries globally.
Zip offers point-of-sale credit and digital payment services to the retail, home, health, automotive and travel industries. In the last three years, Zip’s customer base has expanded to 7.3 million, globally.
The partnership - which has been operational for a year prior to today’s public announcement - will fuel the growth of the Buy Now, Pay Later (BNPL) offering, which serves to streamline and simplify how people pay, everywhere.
Duncan Currie, Marqeta’s country manager for Australia and New Zealand, commented: “We’re proud to support a fast-growing Australian business that is changing the way people shop, and revolutionising payments at the point-of-sale. Our partnership with Zip shows off our product market fit in Australia and New Zealand, and how our platform can help innovators grow their customer base and capitalise on the expanding BNPL opportunity. The flexibility of Zip’s offerings is a testament to the power of modern card issuing, and we’re excited to support their global expansion.”
“Zip is a customer-focused company, and customers told us loud and clear they wanted to be able to use their interest-free Zip BNPL account anywhere. That is what Zip introduced with Tap & Zip,” said Hamish Moline, Zip’s managing director, Asia and Global Payments. “Marqeta was a key part of this major initiative, which has helped us significantly grow our customer base and capitalise on the in-store opportunity,” he added.
Both companies saw significant growth last quarter. Zip cited 176% growth in transactional volumes of AUD, up to $5.8 billion, while Marqeta reported a 350% year-over-year increase in BNPL net revenue for Q2 2021.
According to Zip, its transaction volume has grown significantly in the 12 months since partnering with Marqeta.