Marqeta and Citi Commercial Cards Announce New Partnership to Power Global Mobile Wallets Offering
Citi will leverage Marqeta’s tokenization technology to expand payment options for its commercial card clients.
“This offering will give our corporate clients a convenient way to instantly provision a card into their mobile wallet of choice to pay seamlessly and securely on the go. Marqeta’s tokenization services will be implemented globally in over 40 markets,” said
As the pandemic accelerated the widespread adoption of digital payments, the market for mobile wallets has also grown. According to data from Trading Platforms, digital or mobile wallet payments were the most used point of sale payment method globally in 2020, with 21.5% market share. By 2024, mobile wallets are projected to become even more popular, comprising one-third of all Point of Sale (POS) transactions worldwide, according to Trading Platforms estimates.
“We’re proud to work with a leading global financial services company like Citi to offer our innovative tokenization technology and services to their clients,” said
Marqeta’s modern card issuing platform empowers its customers to create customized and innovative payment cards. Marqeta’s modern architecture gives its customers the ability to build more configurable and flexible payment experiences, accelerating time-to-market and democratizing access to card issuing technology. Marqeta’s open APIs provide 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 payment transactions.
This press release contains "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements expressed or implied in this press release include, but are not limited to, quotations and statements relating to Marqeta’s relationship with Citi Commercial Cards; product and service capabilities and future use cases; projected growth in digital and contactless payments and mobile wallet usage; and adoption rates for Marqeta’s and Citi Commercial Cards’ products and services. Actual results may differ materially from the expectations contained in these statements due to risks and uncertainties, including, but not limited to, the following: any factors creating issues with the relationship with Citi Commercial Cards’ and the qualities and capabilities of their products and services; the effect of uncertainties related to the global COVID-19 pandemic on