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Amount and Marqeta Announce First Virtual Card and Loan Origination Partnership to Help Banks Accelerate Buy Now Pay Later
Partnership alleviates the digital tools gap that prevents many banks from offering BNPL CHICAGO, Oct. 26, 2021 /PRNewswire/ -- Amount, a leading technology
About this update from Marqeta, Inc.
[{"type":"text","content":"Partnership alleviates the digital tools gap that prevents many banks from offering BNPL\n\n\nCHICAGO, Oct. 26, 2021 /PRNewswire/ -- Amount, a leading technology provider for financial institutions, and global modern card issuing platform Marqeta (NASDAQ: MQ) announced today the first virtual card and loan origination partnership to help banks rapidly enter the buy now, pay later (BNPL) space. The partnership alleviates the digital tools gap that prevents many banks from entering the BNPL space, allowing them to go to market in months with a BNPL offering and virtual card that drives revenue, captures market share and increases loyalty online and in-stores. \n\n \n \n \n \n \n \n\n \nMoney spent through the BNPL market is expected to nearly quadruple — a 274% increase — between 2021 and 2026. This leaves a significant volume of untapped revenue on the table for banks that lack the digital tools to capture market share as banking customer acquisition and relationships increasingly shift to new channels such as ecommerce and social media. At the same time, nearly half of consumers who have used BNPL would prefer the service from their bank or credit card provider, signaling a widespread opportunity for banks. Amount's proven and configurable omni-channel BNPL solution and Marqeta's instant virtual card issuance are fully integrated and seamless, giving banks speed to market and the flexibility to expand across channels and payment vehicles to meet shifting consumer and merchant needs. \n\"With escalating consumer expectations for simple, digital experiences at every step, banks must compete or continue to lose market share to digital challengers who offer a more flexible way for their customers to pay,\" said Adam Hughes, CEO of Amount. \"We continue to develop and expand our platform to give banks the agility and tools they need to create high-value interactions at the point-of-sale. As a leader in modern payments and innovation, Marqeta shares our vision and is the ideal partner to bring best-in-class solutions to banks.\"\nBy extension, banks that can offer merchants intuitive and simple BNPL and virtual card solutions also provide a proven revenue stream that sparks consumer purchase behavior. Data shows that while roughly 70 percent of e-commerce shopping carts are abandoned, options such as BNPL not only narrow that gap but ...