Figure Pay Partners With Marqeta to Power Next Generation Digital Banking and Buy Now, Pay Later Solution
Figure Pay, currently expanding nationwide, will leverage Marqeta’s global modern card issuing platform and digital banking capabilities.
Figure Pay is currently available in 26 states, and is expanding nationwide. It is built on the Provenance Blockchain payments infrastructure, which allows for faster payments and cuts down on merchant costs. Figure Pay offers its users a fee-free deposit account, seamless money transfer to friends and family, an extensive rewards program and free access to a network of 55,000 ATMs. Most notably, it has native Buy Now, Pay Later functionality built in, allowing a consumer to decide at the point of sale whether they want to finance any purchase. Figure Pay also has a commitment to financial inclusion and allowing underbanked users to access financing and build credit history.
“Figure’s ethos as a company, reimagining the core infrastructure of financial services, and layering on products that better match new consumer demands and expectations is something that resonates with us strongly at
Marqeta’s industry-defining Just-in-Time functionality will allow Figure to manage its own transaction authorizations, providing the flexibility to Figure Pay users of being able to opt between debit and point of sale lending.
“We had a very specific vision for Figure Pay, building a new payments tool, where people could have end-to-end management of their money and the ability to have complete flexibility at the point of sale about how to finance a purchase,” said
Marqeta’s modern card issuing platform empowers its customers to create customized and innovative payment cards. Marqeta’s platform, powered by open APIs, gives its customers the ability to build more configurable and flexible payment experiences, accelerating product development and democratizing access to card issuing technology. Its modern architecture provides instant access to highly scalable, cloud-based payment infrastructure that enables customers to launch and manage their own card programs, issue cards and authorize and settle transactions.