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Money20/20 US: Marqeta adds suite of BaaS products to card issuing platform

Money20/20 US: Marqeta adds suite of BaaS products to card issuing platform

Global card issuer, Marqeta, today released a suite of seven products to offer embedded end-to-end banking products, expanding the portfolio of its card issuing platform.

The selection of products titled ‘Marqeta for Banking’ includes new demand deposit accounts (DDA), direct deposit with early pay, ACH with Plaid integration, cash loads and fee-free ATMs, bill pay and instant funding capabilities.

Companies will be able to access over 40 new banking APIs to customised their banking services.

In conversation with Finextra, Simon Khalaf, chief product officer at Marqeta explained that products should be digital-first and work well on mobile and should come from a brand that consumers trust: “Is becoming table-stakes for nearly all consumers.”

“For the rising generation of younger consumers who have only known these sorts of experiences, their tolerance for experiences that don’t match this expectation is almost non-existent. These younger, mobile-native consumers are less likely to have visited a physical bank branch or use a plastic card, and will instead begin their banking relationship on a mobile phone, which is doubling as a payment tool. Marqeta is a B2B company, but with Marqeta for Banking, we want to help our customers meet the needs of today’s changing behaviours while building products for tomorrow’s digital-only consumer,” Khalaf continued.

Coinbase used Marqeta’s platform to take Coinbase Card to market, providing customers the ability to earn crypto rewards and easily make everyday purchases with their crypto. Sanchan Saxena, VP, retail product at Coinbase noted: “As we continue our commitment to building safe, trusted, and easy-to-use products that make spending and earning cryptocurrency seamless, we've seen many benefits from the flexibility of Marqeta's banking as a service tools."

Khalaf added that Marqeta is seeing an increase in appetite for their products in emerging markets, as modern card issuing and the digitisation of payments is a global phenomenon and the firm is in the “very early stage of attacking this massive market.”

Marqeta’s platform is enabled in 40 countries, and the firm has boots on the ground in Australia, Singapore and Europe outside of its US headquarters.

Finextra is on the ground at Money20/20, reporting on the event’s biggest updates and announcements. You can keep up to date with our coverage on Finextra’s Live@ page here.

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