PAYMENTS

Paycast Partners With Marqeta and Mastercard For New Marketplace Payment Solution

Marqeta | November 25, 2021

Paycast-Partners-With
Marqeta, the global modern card issuing platform, Mastercard (NYSE: MA), a leader in global payments, and Paycast (an SPG Company), the marketplace payment engine, announced today a collective 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 as well as collaborating on customer growth initiatives and marketing. Mastercard continues to invest in its expansive 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. 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.”

Elle Kim, Managing Director of Paycast.

“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.

Further Information

Paycast Virtual Card
Paycast’s Virtual Card will be a reloadable, multi-use, Prepaid Virtual Card, issued by TPL (Transact Payments Limited) and leveraging the Mastercard network. Ecommerce sellers (micro enterprises and SMB) can opt-in for virtual card payout in early 2022 for marketplaces and sellers operating in the UK.

About Mastercard (NYSE:MA):
Mastercard is a global technology company in the payments industry. Our mission is to connect and power an inclusive, digital economy that benefits everyone, everywhere by making transactions safe, simple, smart and accessible. Using secure data and networks, partnerships and passion, our innovations and solutions help individuals, financial institutions, governments and businesses realize their greatest potential. Our decency quotient, or DQ, drives our culture and everything we do inside and outside of our company. With connections across more than 210 countries and territories, we are building a sustainable world that unlocks priceless possibilities for all.

About Marqeta (NASDAQ:MQ):
Marqeta’s modern card issuing platform empowers its customers to create customized and innovative payment cards. Marqeta’s platform, powered by open APIs, gives its customers the ability to build more configurable and flexible payment experiences, accelerating product development and democratizing access to card issuing technology. Its modern architecture provides 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 transactions. Marqeta is headquartered in Oakland, California and is enabled in 36 countries globally. For more information, visit www.marqeta.com, Twitter and LinkedIn.

About Paycast
Paycast exists to level the playing field for marketplaces and their sellers, with the ability to accept any value or volume of payments, hold money in escrow based on bespoke transactions conditions, and payout to any number of sellers, fast. Beyond simply removing the regulatory and administrative burden of managing payments for marketplaces and online platforms, Paycast is striving to be the engine room for marketplace money, delivering experiences that delight sellers and help them grow without limitation.

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Nium, SENTBE | April 01, 2021

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ixFintech | December 22, 2021

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