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Marqeta unveils Tokenization-as-a-Service Product; opens the technology to any card issuer

By Pavithra R

September 30, 2020

  • Marqeta
  • USA
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Marqeta unveils Tokenization-as-a-Service Product; opens the technology to any card issuer
Kevin Doerr, Chief Product Officer at Marqeta

Marqeta, a payment processing and cash issuing platform provider has announced the launch of its new Tokenization-as-a-Service product, which allows card issuer to access its industry-leading tokenization technology.

Marqeta’s Tokenization-as-a-Service allows non-Marqeta card programs to benefit from its modern platform, tokenization expertise, and built-in certifications with the card networks and digital wallets, without interrupting their existing issuing processor relationships. The solution is already being integrated by J.P. Morgan.

The new offering is available for all card type, including cards not directly issued on the Marqeta platform and is used to instantly provision cards into a mobile wallet. The new Tokenization-as-a-Service product is designed to fill a functionality gap with legacy processors, providing customers access to many features of the company’s modern card issuing platform: automated, easy management of tokens through Marqeta’s APIs, zero-code authentication for customer verification during provisioning, and notifications when customers add or remove cards from mobile wallets through webhooks.

“Marqeta is proud of its market leadership and innovation around instant card issuance and network tokenization and we’re excited to open this technology up to any card issuer, especially at a moment when immediate access to funds and safe, touch-free payment options is so important. Marqeta’s Tokenization-as-a-Service product opens up huge new possibilities for companies who are looking to innovate quickly, but don’t have access to modern technology. The net result will be streamlined access to digital payment options and more innovative services for end users,” said Kevin Doerr, Chief Product Officer at Marqeta.

Marqeta through its work with Square’s Cash App in 2016 brought technology to market allowing cards issued through its platform to be tokenized and instantly provisioned into a mobile wallet. This allowed cardholders to instantly use their cards through a mobile wallet, without having to wait for a physical card to arrive, or manually enter card numbers.

The company has also announced expansion of its existing Apple Pay and Google Pay integrations into Canada, Europe and Australia to streamline onboarding Marqeta customers, allowing them to integrate with Marqeta and then easily turn on card tokenization in new global markets. The firm has also integrated with Samsung Pay, and works with all major mobile wallets.

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 is launching its first transactions in Australia this year.

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