Marqeta (NASDAQ: MQ), the global modern card issuance platform that enables embedded financial solutions for innovators worldwide, today announced that it is collaborating with Visa and Affirm to offer Visa Flexible Credential, a single card product that switches between payment methods can. Putting the freedom of choice in the hands of the consumer.
Marqeta achieved Visa Flexible Credential certification in May 2024, allowing cardholders of Marqeta’s participating customers to easily set parameters or choose between direct debit, credit card, “Pay-in-Four” with “Buy Now”, ” “Pay later” or even want to pay with rewards points.
As previously announced, Visa Flexible Credential will launch for the first time in the US with Affirm later this year. This provides consumers with the potential opportunity to benefit from Visa’s acceptance, the simplicity and ease of use of the Marqeta platform, and Affirm’s buy now, pay later technology and insurance capabilities. Affirm’s decision to run its industry-leading technology and underwriting capabilities, starting with Affirm Card, on Visa’s Flexible Credential demonstrates the opportunities that can arise when issuer processors like Marqeta innovate.
Consumers increasingly want more flexibility and more options when it comes to payment options. The 2023 Marqeta State of Credit Report found that when searching for their next credit card, consumers surveyed said they were most influenced by the level of flexibility and personalization available, with 46% citing convenience as the biggest benefit Use of credit cards mentioned. Additionally, 71% of US BNPL users surveyed would be interested in accessing other financial services through their BNPL provider, demonstrating consumers’ willingness to seek additional payment options that best suit their current financial situation and lifestyle fit.
Marqeta is the first card issuer in the US to be certified for Visa Flexible Credential. This allows participating Marqeta customers to offer multiple types of payment options on a single card, creating a streamlined and seamless payment experience regardless of which payment method they choose. This also helps Marqeta customers improve the consumer shopping experience and increase merchant adoption.
“Marqeta is at the forefront of what is possible in payments. We are proud to be the first issuer in the US to be certified for Visa Flexible Credential,” said Simon Khalaf, CEO of Marqeta. “Combining the ubiquity and adoption of Visa with Affirm’s technology, underwriting and consumer experience with the simplicity and seamlessness of the Marqeta platform is a win-win-win for consumers, merchants and issuers. We look forward to continuing to work with our partners to enable new technologies that make payments easier and more flexible for consumers, helping them get the most out of their payment cards.”
