Fintechs Across The Asia Pacific Can Go Global Using The Visa-Marqeta Alliance

October 28, 2019 | FinTech, News
https://dailyalts.com/wp-content/uploads/2019/10/ecommerce-3563183_1920-visa-marqeta.jpg

A fintech can now easily get itself accepted internationally  – by morphing account balances into digital credentials.

Visa and Marqeta have partnered to offer fintechs in Australia, Hong Kong, Japan, Malaysia, New Zealand, Philippines, Singapore, Taiwan, Thailand, and Vietnam a new way to themselves internationally accepted.

Fintechs in these countries can now turn their user account balances into digital cards.  These would be accepted wherever Visa is and where the Marqeta platform is certified.

Payments enablement

The Visa-Marqeta partnership will be particularly relevant in Asia.  The region has 4.3 billion people, 90 digital wallets, and 150 pending or issued digital banking licenses.

Therefore, fintechs and e-wallets in the region will benefit from the Visa Marqeta tie-up and quickly acquire a global footprint across different markets, merchants and endpoints. Moreover, this will boost digital commerce in these Asian markets.

“We’re moving into the next step of payments enablement,” said Matt Dill, Visa’s global head of strategic partnerships and venture.

Visa-Marqeta: Digital credentials will boost the flow of digital transactions

According to Dill, the Visa-Marqeta partnership will advance digital payments, both inbound and outbound, across various markets and applications. Underserved populations will, therefore, benefit from the acceptance of their digital credentials beyond domestic boundaries.

Also, digital credentials will be particularly relevant in countries where traditional card networks are not workable, due to whatever reasons.

Any fintech platform for e-wallet will jump at the opportunity to turn user account balances into globally accepted card credentials. Moreover, this facility will assume further importance as consumption models change and expand.

Credit will benefit too from the Visa-Marqeta tie-up

New consumption scenarios will raise new demands for credit. Hence, these fintechs would be devising new means for applying for and paying down credit facilities. Ultimately, fintechs may have to aggregate both the purchase and the financing of consumables in Asian markets.

“A lot of these companies started by building a domestic [use case], where cards or other types of digital credentials were underpenetrated,” says Dill. “By associating themselves with a global platform, they can really extend their revenue reach.”

Marqeta

In May 2019, Marqeta completed a  $260 million Series E fundraise, as its modern card issuing platform took on global scale. The funding round valued Marqueta at nearly $2 billion. “We are in the midst of a transformation in card issuing around the globe,” said Jason Gardner, founder, and CEO of Marqeta. “When today’s innovators are in need of modern payment solutions, they aren’t turning to banks as their primary issuers anymore and want a platform built for their needs.”

[Related Story: Revolut Taps Visa to Expand Its Global Market Reach ]

Free Industry News

Subscribe to our free newsletter for updates and news about alternatives investments.

  • This field is for validation purposes and should be left unchanged.


Shape

Latest Alternative Investment News

https://dailyalts.com/wp-content/uploads/2021/12/51629549260_00312e7f7d_c.jpg
Alternative Investments/Digital: Two Canadian Fund Managers Launch Metaverse Themed ETFs
December 1, 2021     Alternative Investments, Digital Assets, News

Canadian fund managers Horizons ETFs and Evolve Funds have launched the Horizons Global Metaverse Index ETF (“MTAV”) and the Evolve Metaverse ETF (“MESH”) respectively, on the Toronto Stock Exchange.

https://dailyalts.com/wp-content/uploads/2021/12/Solana.jpg
Digital Assets: Grayscale Launches Solana Trust, Protests SEC Rejection Of VanEck Spot Bitcoin ETF
December 1, 2021     Digital Assets, News

Grayscale Investments announced Tuesday the launch of the Grayscale Solana Trust to provide investors with exposure to Solana (SOL), the native token of the Solana network, a smart contract platform…

https://dailyalts.com/wp-content/uploads/2021/12/Jobandtalent_2.jpg
Venture Capital: Digital Temp Staffing Startup Jobandtalent Snags $500M Series E
December 1, 2021     News, Venture Capital

Madrid-based temp staffing marketplace Jobandtalent announced the closure of its Series E raise of $500 million at a valuation of $2.35 billion from Kinnevik and SoftBank Vision Fund 2. Existing…

https://dailyalts.com/wp-content/uploads/2021/12/black-g431352141_640.jpg
FinTech: BNPL Was “One Of The Stars” Of The Holiday Season For PayPal
December 1, 2021     FinTech, News

PayPal (NASDAQ: PYPL) enjoyed solid volumes for its buy-now-pay-later (BNPL) offering on Black Friday, continuing a trend the giant payments fintech observed all through November. In that month, for the…