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