Global card issuing platform Marqeta is continuing a partnership it has had with Australia-based Zip Co. for the past year and will keep powering the buy now, pay later (BNPL) company, according to a press release emailed to PYMNTS.
Marqeta’s platform enables Zip to get payments products more quickly onto the market, the release stated. Customers can make multiple transactions via their Zip Pay accounts and repay their Zip balance with a single installment plan for a more streamlined overall experience.
Zip also offers a “Shop Anywhere” product, which issues a single-use virtual card to allow a customer to spend money anywhere globally that takes Visa as payment, according to the release.
“Zip is a customer-focused company, and customers told us loud and clear they wanted to be able to use their interest-free Zip BNPL account anywhere, and that is what Zip introduced with Tap & Zip,” said Hamish Moline, Zip’s managing director of Asia and Global Payments, in the release. “Marqeta was a key part of this major initiative, which has helped us significantly grow our customer base and capitalize on the in-store opportunity.”
Meanwhile, Marqeta Country Manager for Australia and New Zealand Duncan Currie said in the release that the company is “proud to support a fast-growing Australian business that is changing the way people shop and revolutionizing payments at the point of sale.”
“Our partnership with Zip shows off our product market fit in Australia and New Zealand, and how our platform can help innovators grow their customer base and capitalize on the expanding BNPL opportunity,” Currie said, per the release. “The flexibility of Zip’s offerings is a testament to the power of modern card issuing, and we’re excited to support their global expansion.”
Marqeta’s platform has also been used by Google Pay for its new virtual balance card.
The product allows users to spend their Google Pay balance in a virtual card, tokenized through a mobile wallet, at participating merchants.