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November 25, 2021

Paycast, Marqeta and Mastercard partner on digital card product

By Shalini mani

Card issuing platform Marqeta, Mastercard and marketplace payment engine Paycast have joined forces to roll out a digital card product for marketplace sellers.

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This prepaid virtual card, which is also reloadable and multi-use, will facilitate ‘faster and more convenient ways’ for sellers to get paid and carry out business, according to the companies.

Paycast allows marketplaces to lock up funds in escrow between buyers and sellers till the verification on the conditions of sale is completed.

The firm will leverage Marqeta’s card issuing platform and Mastercard’s global payments network to power the digital card product that will help marketplace sellers to access these funds immediately.

It will also tap Marqeta’s virtual card functionality to provide customers the ability to take part in the authorisation process and set rules that support anti-fraud measures.

Paycast managing director Elle Kim said: “Marqeta is the ideal partner to help us bring our vision to life, thanks to its simple, easy-to-use suite of APIs that we’ve been able to use to launch and quickly scale Paycast, and with our shared global ambitions there’s a strong synergy.”

Marqeta Europe managing director Ian Johnson said: “Paycast is a great example of the Marqeta platform’s versatility, demonstrating how our platform can deliver on solutions across a range of modern use cases, which can be replicated across different international markets and verticals.”

Micro enterprises and small-and-medium-sized businesses will be able to opt-in for virtual card payout in early 2022 for UK-based marketplaces and sellers.

Mastercard UK & Ireland Business Development & Fintech senior vice-president Scott Abrahams said: “We are thrilled to be supporting Paycast on the next step of their journey, having worked closely with them since their early days in the Mastercard Start Path programme.

“From our technology and data assets to our global ecosystem of partners and dedicated programs, we are leveraging our tools and expertise to iterate with Paycast at every stage, transforming bold ideas together.”

Recently, Google Pay tapped Marqeta to power its new virtual card, which enables users to make purchases directly from their Google Pay balance.

Free Whitepaper
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Never Trust, Always Verify: Is Zero Trust the Next Big Thing in Cybersecurity?

Cyberattacks continue to rise every year and no sector seems to be immune. Hackers target sensitive information such as organizational, client, and financial data, as well as intellectual property (IP) and proprietary functions. As digital transformation becomes a top priority for many organizations, traditional perimeter-based security models are no longer sufficient to address the growing cybersecurity concerns. Against the backdrop, enterprises explore zero trust as it takes a micro-level approach to authenticate and approve access at every point within a network. Reasons to read: The cybersecurity landscape is swiftly changing, and businesses need more awareness to meet the evolving change. The report highlights the current state of play and the future potential of the zero trust approach in cybersecurity to protect critical digital infrastructure of enterprises across sectors such as financial services, healthcare, telecom, and transportation, among others. Read our report and gather insights on the following topics:
  • Traditional vs zero trust protection
  • Key advantages and solution providers
  • Major industries and key players
  • Drivers and challenges
  • Top funded startups and Mergers & Acquisitions
  • Implementation challenges
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Enter your details here to receive your free Whitepaper.

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