Visa has teamed up with modern card issuing platform Marqeta to ease global expansion for fintechs and multi-national card programmes.
The project plans to allow Visa issuers to build, test and launch digital-first card programmes in 10 Asia Pacific markets. Developers will have access to Marqeta’s existing sand-box and publicly available APIs.
Jason Gardner, CEO at Marqeta, said: “Bringing Marqeta and Visa technology together like this in Asia-Pacific is creating an entirely new product proposition, at a scale that hasn’t been done before. The possibilities are massive, helping digital payments innovators scale faster in the world’s most rapidly evolving ecosystem.
“We’re excited to be working with Visa in Asia-Pacific on a forward thinking application of our technology. We see this as a major step in expanding Marqeta’s global footprint as well as helping our existing customer base grow into new regions.”
Rapid increase in digital payments
The partnership comes as digital payments is expected to increase by $23trn in the Asia Pacific region over the next decade.
The combined offering is designed to provide a solution for innovators through a number of tools. For instance, developers will be able to build new payment applications, and test and learn UI/UX.
In addition, the platform will enable partners to go live across Asia Pacific markets at a faster pace.
Matt Dill, Visa’s global head of strategic partnerships and venture, said: “Global brands and fintechs interested in expanding into Asia have a way to quickly test and learn in new markets. If you’re a startup based in Asia, you have access to world-class developer tools.”
Visa research has tracked 90 active mobile wallet programmes across the Asia Pacific region. It has also traced more than 150 active or pending digital banking licences, and several alternative credit/installment programmes.
The Marqeta platform has been certified Visa Ready in 10 Asia Pacific markets. These include Australia, Hong Kong, Japan, Malaysia, New Zealand, Philippines, Singapore, Taiwan, Thailand and Vietnam.