- Card issuing platform Marqeta launched its new web push provisioning solution.
- The new offering will enable consumers to pay for products directly from their mobile wallets without having to first download a mobile app – that may be rarely used again.
- The web push provisioning solution was inspired in part during Marqeta’s Hack Week event back in October 2021.
Modern card issuing platform Marqeta launched its new web push provisioning product this week. The new offering will reduce friction at the point-of-sale by enabling users to pay for purchases directly from their mobile wallets without having to download a mobile app first.
The new web push provisioning product is designed to address a major pain point for consumers: having to download an app – that may be rarely, if ever, used again – in order to complete a given transaction. Marqeta’s solution can help boost conversion rates by eliminating this requirement and thus streamlining the customer experience. Combined with Marqeta’s instant issuance capabilities, this week’s announcement reinforces and adds to the company’s leadership in the payment card tokenization space.
“Growing familiarity with digital wallets created demand for a solution that enables Marqeta customers to quickly and easily provision virtual cards and digital wallet tokens from the web for use with both Apple Pay and Google Pay,” Marqeta Chief Product Officer Simon Khalaf explained. “Our web push provisioning product meets that need and helps enable our customers to deliver a streamlined checkout experience to their end users.”
Marqeta’s offering comes as consumer adoption of digital wallets continues to show strength. According to Juniper Research, global digital wallet transactions are expected to grow 60% by 2026. Additionally, 71% of U.S. consumers in 2022 say that they have used a mobile wallet in the previous 12 months compared to 64% in 2020. Nevertheless, 75% of consumers admit to having abandoned a transaction after being prompted to download a mobile app in order to complete the purchase.
Marqeta’s web push provisioning solution, currently in beta and expected to be generally available later this year, was specifically designed to address this problem. The technology has its origins in a Hack Week event from last year, as members of Marqeta’s team realized the value of enabling brands to provision tokens from a mobile web browser. Built in partnership with both Apple and Google, the web push provisioning technology has been deployed by Bread Financial, which praised the way the product enabled the company to “offer flexible payment options that will keep the merchant’s brand at the forefront a deliver a better experience for the customer,” according to Bread Financial EVP and Chief Commercial Officer Val Greer.
An alumni of Finovate’s developer conference, FinDEVr SiliconValley 2016, Marqeta today is certified to operate in 40 countries around the world. Last fall, the company announced the launch of its Marqeta for Banking offering, which brought new banking capabilities to the company’s card issuing platform. Marqeta has forged partnerships in recent months with Raiffeisen Centrobank to power the institution’s new digital banking brand for customers in Poland and Romania – and with Blockchain.com, to power the cryptocurrency platform’s crypto-based Visa Card.
Headquartered in Oakland, California, Marqeta was founded in 2010. The firm is a publicly traded company on the NASDAQ under the ticker MQ, and has a market capitalization of $3.4 billion. Jason Gardner is CEO.