FinTech: Heavyweights Are Match-Making In Global Cards And Payments
Marqeta + Uber. Mastercard + Google Pay extension in Europe.
The rapid and global pivot towards digital payments as a result of the virus pandemic appears to have unleashed another trend. Biggies in the payment and card sectors are forming strategic partnerships to draw in a larger share of the transactions pie. Card issuing company Marqeta has partnered with Uber (NYSE: UBER) on a global cards and payment system. Mastercard (NYSE: MA) enabled Google Pay for its cardholders in a host of European countries.
Uber ties up with Marqeta
Marqeta, the global card issuer processor platform, announced Tuesday that it will be the global card issuing partner for Uber, thus broadening its relationship beyond the current arrangement with Uber Eats. (Marqeta)
Uber and its apps boast of more than 100 million monthly users worldwide. Uber can now set up its financial infrastructure through the issue of physical, virtual, or tokenized cards to this huge user base.
“A rapid digital transformation is upending everything from how we eat, to how we navigate our cities,” said Jennifer Vescio, global head of business development at Uber. “As Uber looks to build out a global ecosystem that our users can rely on in all facets of their lives, it was clear we needed a sophisticated card issuing and payments processing partner to reach our true potential.”
According to a Marqeta blog, Uber will deploy its card technology in many international markets, including Europe. It will also integrate it throughout various product verticals.
Mastercard Extends Google Pay across Europe with an eye on contactless payments
Mastercard cardholders in Austria, Bulgaria, Estonia, Greece, Hungary, Latvia, Lithuania, Netherlands, Portugal, and Romania now have another option to make contactless payments in these days of a virus resurgence.
Th ecompany announced Tuesday the extension of the Google Pay (NASDAQ: GOOGL) service to its cardholders in the above countries. (Finovate)
Various issuers and fintechs including (but not limited to) Banca Transilvania, Bunq, CEC Bank, Curve, LHV Pank, Monese, N26, Paynetics, Revolut, Swedbank, Unicredit Bank Romania, and Viva Wallet will also be able to integrate Google Pay through their apps with Mastercard.
According to Mastercard, contactless transactions have jumped to nearly 80% across Europe since the onset of the pandemic. It observed that consumers were using less cash and instead opting for contactless payments.
It is “a change that is expected to stand the test of time,” the card issuer said.
“With hygiene becoming a high priority for many people, we want to make sure that we continue to deliver innovative solutions for touch-free payments,” Mastercard said.
“Thanks to the close collaboration with Mastercard, cardholders of participating partners in 10 new European countries will be able to use Google Pay through their respective mobile banking apps,” said Florence Diss, Head of Payments Partnerships, Google. “We hope everyone will enjoy the benefits that come with using their Android phone to pay in millions of places around the world.”
Last month, Mastercard announced a financial investment in Marqeta. It was a part of an extended global partnership to expand into new geographies.
Related Story: Marqeta to Power JP Morgan’s Virtual Cards Program
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