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Marqeta Announces New Web Push Provisioning Product, Expanding Industry-Leading Payment Card Tokenization Capabilities
Marqeta’s new product builds on its advanced tokenization capabilities, equipping companies like Bread Financial to unlock new use cases and encourage faster
About this update from Marqeta, Inc.
[{"type":"text","content":"\nMarqeta’s new product builds on its advanced tokenization capabilities, equipping companies like Bread Financial to unlock new use cases and encourage faster onboarding by empowering cardholders to instantly tokenize a card into a mobile wallet without downloading a third-party application.\n\n OAKLAND, Calif.--(BUSINESS WIRE)--\nMarqeta (NASDAQ: MQ), the global modern card issuing platform, today announced its new web push provisioning product. With web push provisioning, Marqeta customers can reduce friction at the point-of-sale and enable their users to pay directly from their mobile wallets without requiring them to download a mobile application. This capability addresses a common pain point for consumers - the friction of having to download an app that may rarely be used in order to complete a transaction - likely improving conversion rates and creating a smoother customer experience. Marqeta is one of the first card issuers to launch instant issuance capabilities, and web push provisioning further extends Marqeta’s leadership in this space. The product is currently offered in Beta with general availability expected later in 2023.\n\nDigital wallet usage has accelerated in recent years, and global digital wallet transaction values are expected to grow 60% by 2026, according to Juniper Research.1 Consumer adoption is also rising, with US consumers who reported using a mobile wallet in the past 12 months increasing from 64% in late 2020 to 71% in 2022, but studies show that over 75% of consumers surveyed have abandoned a transaction due to the requirement of having to download a mobile application to use services needed to check out2. During Hack Week in Winter 2021, Marqeta team members identified the potential impact of enabling brands to provision tokens from a mobile web browser, allowing their users to pay directly from their mobile wallets without forcing them to transact through an app, and web push provisioning was built in partnership with digital wallet providers Apple and Google.\n\n“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,” said Marqeta Chief Product Officer Simon Khalaf. “Our web push provisioning product meets that need and...