Using Marqeta’s modern card issuing platform, Bread Financial plans to launch an in-store, one-time use virtual card for a frictionless checkout experience
Marqeta, the global modern card issuing platform, announced that it has been chosen by Bread Financial , a tech-forward financial services company that provides simple, personalized payment, lending and saving solutions, to enhance the in-store checkout experience for shoppers using Bread PayTM, its flexible suite of Buy Now, Pay Later products.
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Using Marqeta’s platform, Bread Financial, which gives shoppers more ways to pay in the channel of their choice, will launch the Bread PayTM One-Time Use Card, delivering Pay in 4 and installment loan products in-store and online. In-store shoppers at participating retailers will have the ability to apply for and immediately use their preferred Bread Pay product without downloading a third-party application for an improved, frictionless experience for both the consumer and the merchant.
“Bread Financial is at the forefront of innovation in the BNPL space, and this relationship is a continuation of our dedication to create tech-forward and industry changing solutions that give shoppers more flexibility and choice,” said Val Greer, EVP and Chief Commercial Officer at Bread Financial. “We are proud to partner with Marqeta to offer new flexible payment options that will keep the merchant’s brand at the forefront of the path to purchase and deliver a more seamless experience for the end user.”
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Marqeta’s modern card issuing platform has played a notable role in supporting the evolution of the Buy Now, Pay Later industry, helping in powering the flexible payment solutions that have been growing in popularity in recent years. Nearly half of consumers (47%) surveyed by Marqeta in 2021 said they had used a BNPL solution, up 27% from 2020. Working with more than 600 merchants in a variety of verticals, Bread Financial will use numerous features of Marqeta’s platform, including virtual card issuance, industry-leading Just in Time Funding Capabilities, and tokenization innovations.
“Consumers demand flexible and convenient payment solutions, and growing demand for BNPL has led merchants across industries to look into new ways to offer that flexibility,” said Simon Khalaf, Chief Product Officer at Marqeta. “Marqeta is constantly evolving our platform and seeking ways to offer our customers the latest advancements in payments. We’re excited to work with Bread to streamline its BNPL offering and make it simpler for customers to implement BNPL across their checkout experiences.”
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