Citi will leverage Marqeta’s tokenization technology to expand payment options for its commercial card clients
Marqeta, the modern card issuing platform, announced that Citi Commercial Cards has selected its tokenization-as-a-service capabilities to facilitate the provisioning of cards into mobile wallets. Marqeta’s tokenization functionality will integrate with Citi’s existing systems and enable Citi’s global cardholder base to provision corporate plastic cards as well as virtual cards into mobile wallets.
“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 tokenization services will be implemented globally in over 40 markets”
“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 tokenization services will be implemented globally in over 40 markets,” said Gonca Latif-Schmitt, Global Head of Citi Commercial Cards. “We’re committed to supporting new use cases and work tirelessly to ensure our corporate clients and their employees around the world can take advantage of the latest payments technologies to help their businesses succeed.”
Latest Fintech News: VT Markets Launches Multi-Asset Classes Trading Options
As the pandemic accelerated the widespread adoption of digital payments, the market for mobile wallets has also grown. 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 become even more popular, comprising one-third of all Point of Sale (POS) transactions worldwide, according to Trading Platforms estimates. Marqeta was among the first payments platforms to enable cards to be instantly provisioned and tokenized into a mobile wallet when it brought this technology to market in 2016.
Latest Fintech News: FinTech Interview Series with Priti Rathi Gupta, Founder, LXME
“We’re proud to work with a leading global financial services company like Citi to offer our innovative tokenization technology and services to their clients,” said Jason Gardner, Founder and CEO of Marqeta. “Having immediate access to secure contactless payment options is critical for businesses today. Our offering will open up new opportunities for Citi’s clients worldwide, and we’re excited to build upon our partnership with them and work on additional capabilities in the coming years.”
Latest Fintech News: Disruptors Have Raised The Bar On Banking – It’s Time For Commercial FX To Follow
[To share your insights with us, please write to sghosh@martechseries.com]
