FinTech: Marqeta And Italy’s Scalapay Join To Boost BNPL Use In Europe
Scalapay is Southern Europe’s leading BNPL provider.
Marqeta (NASDAQ: MQ) has unveiled an exciting partnership with Scalapay, the leading Buy Now, Pay Later (BNPL) provider in Southern Europe. This collaboration aims to deliver BNPL services across Europe, catering to over five million customers.
Under the five-year exclusive contract between Marqeta and Scalapay, Marqeta will facilitate the issuance of virtual cards for both online and in-store transactions. This move promises a smoother payment experience for both merchants and consumers. (Businesswire)
BNPL has gained substantial traction globally, with Marqeta’s fall 2022 State of Credit survey revealing that 35% of respondents prefer BNPL over credit cards. Marqeta’s platform adds a layer of flexibility to Scalapay’s offerings. With its innovative Just-in-Time Funding feature, once a Scalapay customer is approved for a loan and makes a purchase, a virtual card is instantly created and funded for the exact loan amount. This virtual card can be utilized for online and in-store payments, significantly expanding the scope of partners where customers can finance their purchases.
Scalapay, Italy’s first fintech unicorn, has experienced remarkable growth since its 2019 inception, raising over $727 million in funding. The platform boasts more than 5,000 stores and 7,000 physical points of sale, serving over 5 million users across Europe. Scalapay merchants have seen a 48% increase in average order value and improved cart conversion rates, all while Marqeta streamlines merchant onboarding, reducing friction at the point of sale.
Marqeta’s Chief Revenue Officer, Todd Pollak, said the partnership would meet the growing demand for flexible payments. Furthermore, this venture positioned Marqeta to continue expanding its presence in Europe and offer innovative payment solutions.
In summary, Marqeta’s partnership with Scalapay marks a significant development in the BNPL landscape, poised to enhance payment experiences for consumers and merchants across Europe.
Related Story: Marqeta And Deloitte Tie Up To Modernize Global Payments
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