Marqeta will power the new Stables prepaid card, enabling users to convert stablecoins into fiat and spend wherever Mastercard cards are accepted online and in-store globally
Marqeta, the global modern card issuing platform, announced a new partnership with Stables (formerly Tiiik) to power its new Mastercard prepaid card. Based in Sydney, Australia, Stables is a digital wallet that allows users to spend, send and earn stablecoins, all on one balance. With Marqeta’s dynamic spend controls and Just-in-Time funding capabilities, Stables’ customers will be able to convert stablecoins into fiat and spend wherever Mastercard cards are accepted online and in-store globally.
“Stables is committed to expanding what’s possible with stablecoins, giving people more flexibility and choice in their payments habits”
Marqeta’s 2022 Consumer Money Movement survey found that 30% of Australians surveyed said they owned cryptocurrency, with 93% of consumers surveyed globally saying they held it like an asset. There’s a significant appetite for consumers to do more with their holdings – 82% of consumers surveyed globally said they would be interested if their cryptocurrency exchange offered them a debit card where they could spend cryptocurrency like dollars. According to the survey, Australian consumers were more likely to use mobile wallets, cryptocurrency and other digital payment options compared to consumers in the US and UK. Australia has been investing in contactless payments since well before the pandemic, and is a global leader in accelerating digital change post-pandemic.
Latest Fintech News: BNG Bank Achieves Healthy Results and Enables Clients to Make an Impact
“Australia has historically been at the forefront of consumer adoption for new technologies, and crypto payments are a prime example of the next wave of innovation that’s accelerating in the APAC region,” said Duncan Currie, Country Manager for Australia and New Zealand, Marqeta. “We’re proud to partner with Stables and Mastercard to enable them to create more flexible payment options for their customers with our APIs.”
With Marqeta’s industry-leading Just-in-Time Funding feature, Stables is enabled to create card products that users can leverage from their stablecoin wallet, making authorization decisions at the point of sale based on a user’s available stablecoin balance and funding transactions in fiat currency. Marqeta’s open APIs and dynamic spend controls allow customers like Stables to build customizable experiences, easily integrating with other apps and offering visibility and transparency through real-time notifications and monitoring powered by webhooks.
Latest Fintech News: Taxaroo Launches ZeroTax.ai to Provide Instant Tax Help with AI
“Stables is committed to expanding what’s possible with stablecoins, giving people more flexibility and choice in their payments habits,” said Stables co-founder & CEO Erez Rachamim. “With increasing demand for digital assets, we’re thrilled to work with Marqeta to develop a card that enables more seamless spending on everyday items.”
Latest Fintech News: Confluence and FundGuard Partner to Streamline Fund Reporting
[To share your insights with us, please write to sghosh@martechseries.com]
