Marqeta, the modern card issuing platform, will be used by Citi Commercial Cards for its tokenization-as-a-service capabilities, a press release said.
This will allow Citi to provision corporate plastic cards and virtual cards into mobile wallets.
Data from Trading Platforms showed that digital or mobile wallet payments were the most used point-of-sale method for payments globally in 2020, with a 21.5% share. And by 2024, mobile wallets will be one-third of all point-of-sale transactions around the globe.
“This offering will give our corporate clients a convenient way to instantly provision a card into their mobile wallet of choice to pay seamlessly and securely on the go. Marqeta’s tokenization services will be implemented globally in over 40 markets,” said Gonca Latif-Schmitt, global head of Citi Commercial Cards.
Meanwhile, Marqeta CEO Jason Gardner said the offering “will open up new opportunities” for Citi’s clients.
“Having immediate access to secure contactless payment options is critical for businesses today,” he said.
Read more: Marqeta, Plaid Team on ACH Transfers for Marqeta Customer Accounts
Marqeta also recently teamed with data network Plaid in order to let Marqeta customers make automated clearing house (ACH) transactions and send money between customer accounts and external accounts.
Customers will also be able to verify and link external accounts faster. That will allow for more simplified funding accounts and spending.
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