Citi Commercial Cards has selected Marqeta's tokenisation technology to power its global mobile wallet offering.
Marqeta’s tokenisation functionality will integrate with Citi’s existing systems and enable the bank's cardholder base to provision corporate plastic cards, as well as virtual cards into mobile wallets.
According to data from Trading Platforms, digital or mobile wallet payments were the most used point of sale payment method globally in 2020, with 21.5% market share. By 2024, mobile wallets are projected to comprise one-third of all POS transactions worldwide.
Gonca Latif-Schmitt, global head, Citi Commercial Cards, says: “This offering will give our corporate clients a convenient way to instantly provision a card into their mobile wallet of choice to pay seamlessly and securely on the go. Marqeta’s tokenisation services will be implemented globally in over 40 markets.”