Marqeta announces strategic global card issuing partnership with Uber
By Pavithra R
Uber, the multinational ridesharing pioneer and delivery platform has announced entering into a strategic global card-issuing partnership with Marqeta, a payment processing and cash issuing platform provider.
Under the partnership, Marqeta will serve as a global card issuing partner for Uber, providing them with critical financial infrastructure, that will support its ecosystem of apps, which have more than 100 mn monthly global users. Marqeta’s modern platform helps businesses issue physical, tokenized or virtual cards while reducing time to market significantly. Uber plans to integrate Marqeta technology across multiple product verticals and use the Marqeta platform in several international markets.
“A rapid digital transformation is upending everything from how we eat, to how we navigate our cities. As Uber looks to build out a global ecosystem that our users can rely on in all facets of their lives, it was clear we needed a sophisticated card issuing and payments processing partner to reach our true potential. From our earliest conversations with Marqeta, we could see that its modern card issuing platform would be a crucial building block for Uber in executing the future. Their single global platform aligns perfectly with Uber’s global scale, and their team is the strongest we’ve seen in the industry,” said Jennifer Vescio, Global Head of Business Development at Uber.
Uber will leverage Marqeta’s card issuing technology to streamline its payments experiences and create seamless interfaces throughout its wider ecosystem. Marqeta’s tech will help Uber in providing its users with single central payment experience across multiple modes of transit, and help Uber create new efficiencies in its Eats product.
“Marqeta’s card issuing platform was designed to meet the needs of product-led innovators and disruptors who would never be satisfied with out-of-the-box, legacy solutions. Uber is one of the most innovative companies of the last decade and has a track record of creating magical payment experiences. We’re excited to set out with them on a new global partnership and bring new innovations to market that all of their users can benefit from,” said Jason Gardner, Marqeta founder and CEO.
Uber Eats is now live with Marqeta in the U.S., with ambitions for European expansion. Following this initial use case, Marqeta & Uber plan to continue their partnership into new verticals and geographies.
Founded in 2010, Marqeta brings speed and efficiency to card issuing and payment processing with its open API platform. Innovators powered by Marqeta include Square, Uber, Affirm, Instacart, and DoorDash. The company is established in the US, Canada, Europe, and Asia, and Australia.
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