Marqeta, the global modern card issuing platform, announced today that J.P. Morgan will leverage Marqeta’s unique card tokenization capabilities for its virtual card program.
This new functionality, anticipated to be available in early 2021, will integrate with J.P. Morgan’s existing systems and enable instant issuance of virtual cards into mobile wallets for J.P. Morgan’s Commercial Card clients.
“We’re excited to work with J.P. Morgan, helping them layer card tokenization capabilities into their existing Commercial Card programs,” said Omri Dahan, Chief Revenue Officer at Marqeta. “Our card tokenization technology powers instant issuance into mobile wallets and can now be integrated with existing card processing capabilities. This opens up huge new possibilities for companies looking to streamline payments and provide innovative services to their people. To bring this product to a company of J.P. Morgan’s scale and have it utilized in a new way is tremendously validating of its market potential.”
Virtual card use is a more than $200 billion market, projected to grow by 20 percent annually through 2021, and instant tokenization into mobile wallets promises to change how these cards are issued. More than one billion people are expected to make a payment using a mobile wallet in 2020 as people become increasingly accustomed to this new way to pay. In 2016, Marqeta was the first payments platform to bring technology to market allowing virtual cards to be instantly provisioned and tokenized into a mobile wallet. These unique card tokenization capabilities will be integrated into J.P. Morgan’s Commercial Card programs, to instantly issue payments into any mobile wallet.
“Marqeta’s push to wallet functionality will add a new dimension to virtual card payments” said John Skinner, Head of Commercial Card at J.P. Morgan. “With Marqeta, our virtual cards can be expanded to new use cases like facilitating payments to disaster relief volunteers or for recruitment spend where interview candidates can be issued a card into their mobile wallets for travel expenses.”