Paycast partners with Marqeta and Mastercard for new marketplace payment solution
By Edlyn Cardoza
Marqeta, the global modern card issuing platform, Mastercard, a leader in global payments, and Paycast (an SPG Company), the marketplace payment engine, recently announced a collaborative partnership to power and launch a digital card product to offer faster and more convenient ways for marketplace sellers to get paid and do business.
Specialising in high-value and time-sensitive transactions, Paycast enables marketplaces to hold funds in escrow between buyers and sellers until the conditions of sale have been verified. The ability for marketplace sellers to access these funds immediately on a virtual card provides more choice and a modern experience for accessing proceeds quickly and securely.
Marqeta is supporting Paycast with its fully-documented open API platform, which enables digital builders such as Paycast to create modern financial products with control and speed. Paycast will leverage Marqeta’s virtual card functionality, which will give Paycast customers the ability to participate in the authorisation process and set rules that can support anti-fraud measures and provide opportunities for loyalty and reward schemes for their sellers. Marqeta and Mastercard have provided strategic funding to SPG to enhance the Paycast proposition.
Mastercard will enable the use of the virtual cards on its global card network, providing industry and functional expertise and collaborating on customer growth initiatives and marketing. Mastercard continues to invest in its comprehensive developer platform, Mastercard Developers, to be the partner of choice for FinTech innovators across Europe, taking a relationship, technology-led and mission-aligned approach to partnering with FinTech companies.
“In the past 12 months we’ve seen a significant growth in online marketplaces, yet at the same time there is a lack of payment options for acquirers, marketplaces and their sellers. Paycast aims to rectify that by bringing to market a new solution that will provide sellers with one single place to manage all their payments,” said Elle Kim, Managing Director of Paycast. “Marqeta is the ideal partner to help us bring our vision to life, thanks to its simple, easy-to-use suite of APIs that we’ve been able to use to launch and quickly scale Paycast, and with our shared global ambitions there’s a strong synergy.”
“We’re excited to support the launch of Paycast, which we think will be an important new payment tool for online marketplaces,” said Ian Johnson, SVP and Managing Director at Marqeta Europe. “Paycast is a great example of the Marqeta platform’s versatility, demonstrating how our platform can deliver on solutions across a range of modern use cases, which can be replicated across different international markets and verticals. We look forward to supporting Paycast in its mission to develop and enrich payment solutions for today’s businesses and consumers.”
“We are thrilled to be supporting Paycast on the next step of their journey, having worked closely with them since their early days in the Mastercard Start Path programme. From our technology and data assets to our global ecosystem of partners and dedicated programs, we are leveraging our tools and expertise to iterate with Paycast at every stage, transforming bold ideas together,” said Scott Abrahams, Senior Vice President, Business Development & Fintech, Mastercard UK & Ireland.
Recently, IBS Intelligence reported that Mastercard announced its completion of the acquisition of Aiia, a leading European open banking technology provider that offers single and secure API access to banks and FinTech companies and enables users to easily perform account-to-account payments.
IBSi Daily News Analysis
May 30, 2023
Are AI chatbots useful in fighting cyberattacks?Read More
IBSi FinTech Journal
- Most trusted FinTech journal since 1991
- Digital monthly issue
- 60+ pages of research, analysis, interviews, opinions, and rankings
- Global coverage