FinTech: Heavyweights Are Match-Making In Global Cards And Payments

November 18, 2020 | FinTech, News
https://dailyalts.com/wp-content/uploads/2020/11/puzzle-2778019_640.jpg

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

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/2022/11/Diplomacy-Avalon-Hill.png
Artificial Intelligence: CICERO, An AI That Plays The Diplomacy Game “At A Human Level”
November 23, 2022     Artificial Intelligence, News

Meta (formerly Facebook) (NASDAQ: META) announced on Wednesday the launch of CICERO, the first artificial intelligence (AI) agent to achieve human-level performance in the popular strategy game Diplomacy. So far,…

https://dailyalts.com/wp-content/uploads/2022/11/ai-application-650x435-1.jpg
Venture Capital: Astera Labs Lands $150M At $3.15B Valuation
November 22, 2022     News, Venture Capital

Astera Labs announced a $150 million Series D funding round led by Fidelity Management and Research that valued the company at $3.15 billion. Other existing investors, including Atreides Management, Intel…

https://dailyalts.com/wp-content/uploads/2022/11/afterpay-logo-holding-phone-scaled-1.jpg
FinTech: Expedia And Afterpay Tie Up To Offer BNPL For Travel
November 22, 2022     FinTech, News

Indeed, according to a CNN article, travellers should get prepared for the most expensive holiday travel season ever. Average air fare is up about 40% from 2021, and rates for…

https://dailyalts.com/wp-content/uploads/2022/11/kelly-sikkema-7alo7OJVNVw-unsplash.jpg
Digital Assets: Crypto Contagion Spreads To Miners – Iris Energy Unplugs Mining Hardware Amidst Default
November 22, 2022     Digital Assets, News

Iris Energy (NASDAQ: IREN), the Australia-based bitcoin mining firm, said in a filing that it had taken down a large chunk of its mining capacity that had been used as…