JP Morgan Chase has partnered with fintech platform Marqeta to launch a virtual credit card for its commercial clients.
Under the partnership, the Wall Street giant will leverage Marqeta’s unique card tokenization capabilities for its virtual card programme.
This functionality integrates directly with the bank’s existing systems to enable the instant issuance of the digital-only credit cards in mobile wallets.
Marqeta’s instant issuance tools will allow JP Morgan to issue the cards in mobile wallets like Apple Pay and Google Pay.
In 2016, Marqeta was the first platform to issue and tokenize virtual cards into a mobile wallet.
Marqeta CRO Omri Dahan said: “Our card tokenization technology powers instant issuance into mobile wallets and can now be integrated with existing card processing capabilities.
“This opens up huge new possibilities for companies looking to streamline payments and provide innovative services to their people.”
This new push-to-wallet functionality is expected to be available in the early 2021.
Clients can instantly receive the virtual card and need not wait for the physical card to arrive.
JP Morgan head of commercial card John Skinner said: “With Marqeta, our virtual cards can be expanded to new use cases like facilitating payments to disaster relief volunteers or for recruitment spend where interview candidates can be issued a card into their mobile wallets for travel expenses.”