Marqeta has announced a new solution that offers buy now, pay later (BNPL) payment options within payment apps and digital wallets.
The new Marqeta Flex is being developed in collaboration with payment providers Klarna and Affirm and payment platform Branch, Marqeta said in a press release on Monday (October 28).
“Marqeta Flex aims to build on the transformative impact of buy now, pay later over the past decade and give consumers intuitive access to these options across an even wider range of payment experiences. ” said Simon Khalaf, CEO of Marqeta, in a release.
According to the release, Marqeta Flex is designed to expand the distribution of BNPL and provide consumers with these options when they need them.
For consumers, the solution will display personalized BNPL options within the payment apps they use, according to the release.
The release also says payment providers offering BNPL options will now be able to reach more consumers, allowing card issuers and digital wallets to connect to a variety of global BNPL providers through a single integration with Marqeta Flex. You will be able to access it.
Branch, the solution’s primary innovation partner, will integrate Marqeta Flex into its payment app for W-2 and 1099 employees, according to the release.
“We look forward to providing greater payment access and choice to the workers we serve,” Ahmed Siddiqui, the branch’s chief payments officer, said in a release.
According to the PYMNTS Intelligence report, “New Data: Defining the New Buy Now, Pay Later Consumer,” BNPL adoption rates are highest among Gen Z and Millennial consumers.
According to the report, 46% of Gen Z and 47% of Millennials have used BNPL in the past 12 months.
Marketa reported in August that its total transaction volume (TPV) jumped 32% in the second quarter to $71 billion.
As we’ve seen in the past quarter, “consumers continue to branch out into financial services in search of alternatives to traditional banks,” Khalaf said on the company’s quarterly earnings call on Aug. 7.
In another product announcement in July, Marketa partnered with Visa and Affirm to create the first U.S. processor to enable Visa Flexible Credentials, a card product that switches between debit, credit, virtual currency and time-based payment methods. announced that it would be. option.
