Marqeta, Visa, and Affirm to Offer Flexible Checkout Options
Marqeta (NASDAQ: MQ), the leading global modern card issuing platform, has announced a collaboration with Visa and Affirm to introduce the Visa Flexible Credential. This innovative single card product allows users to switch between different payment methods, empowering consumers with greater choice and convenience.
In May 2024, Marqeta achieved certification for Visa Flexible Credential. This certification enables cardholders of Marqeta’s participating clients to easily set parameters or choose from various payment options, including debit, credit, “pay-in-four” with Buy Now, Pay Later (BNPL), or even using rewards points.
The Visa Flexible Credential, set to launch in the U.S. with Affirm later this year, will offer consumers the combined benefits of Visa’s extensive acceptance network, Marqeta’s user-friendly platform, and Affirm’s advanced technology and underwriting capabilities in BNPL. Affirm’s integration of its industry-leading technology and underwriting, beginning with the Affirm Card, into Visa’s Flexible Credential highlights the potential of innovative collaborations among issuer processors like Marqeta.
Consumers today demand greater flexibility and more payment options. According to the Marqeta State of Credit Report 2023, consumers prioritize flexibility and personalization when selecting their next credit card, with 46% citing convenience as the primary benefit of using credit cards. Furthermore, 71% of U.S. BNPL users expressed interest in accessing additional financial services through their BNPL provider, underscoring the growing consumer appetite for versatile payment solutions that align with their financial needs and lifestyles.
Marqeta is the first issuer processor in the U.S. certified for Visa Flexible Credential, allowing participating clients to offer multiple payment options on a single card. This innovation streamlines and enhances the payment experience for consumers, while also improving merchant acceptance rates.
“Marqeta is at the forefront of innovation in payments. We are proud to be the first issuer processor in the U.S. certified for Visa Flexible Credential,” said Simon Khalaf, CEO of Marqeta. “This collaboration combines the ubiquity and acceptance of Visa, Affirm’s technology and underwriting, and the simplicity and seamlessness of Marqeta’s platform, creating a win-win-win scenario for consumers, merchants, and issuers. We look forward to continuing our partnership to enable new technologies that simplify and enhance the payment experience for consumers, helping them maximize the benefits of their payment cards.”