Paycast, Marqeta and Mastercard are collaborating to launch a new card product to bring marketplaces advanced payment solutions that will help sellers boost growth, according to a press release on Wednesday (Nov. 24).
Marketplace payment engine Paycast will tap Marqeta’s card issuing platform and Mastercard’s global payments network to power a digital card product that will drive faster, convenient payments to marketplace sellers.
“In the past 12 months we’ve seen 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.
A specialist in premium, high-priority transactions, Paycast, an SPG company, gives marketplaces the ability to hold funds in escrow between buyers and sellers until everything relating to the sale is verified. Sellers can get the money immediately on virtual cards, giving them more choice and a faster, smoother experience that is also secure.
Read more: Small Business Sellers Push Online Marketplaces For Real-time Settlement
Marqeta’s open API platform gives digital builders like Paycast the ability to quickly create modern financial products. Paycast, in turn, will harness Marqeta’s virtual card functionality, which will offer Paycast’s customers the option of participating in the authorization process, anti-fraud measures and loyalty programs.
“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,” said Ian Johnson, SVP and managing director at Marqeta Europe.
Mastercard will process the virtual cards across its global card network, offer functional expertise and collaborate on customer growth initiatives.
“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 U.K. & Ireland.
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