Marqeta has announced its new web push provisioning product aimed at enabling users to pay directly from their mobile wallets at point-of-sale without requiring them to download a mobile application.
The company says the capability addresses a common pain point for consumers – the friction of having to download an app that may rarely be used to complete a transaction.
Marqeta is one of the first card issuers to launch instant issuance capabilities and its web push provisioning is currently offered in Beta with general availability expected later in 2023.
Digital wallet usage has accelerated in recent years, and global digital wallet transaction values are expected to grow 60% by 2026, according to Juniper Research.
Consumer adoption is also rising, with US consumers who reported using a mobile wallet in the past 12 months increasing from 64% in late 2020 to 71% in 2022, but studies show that over 75% of consumers surveyed have abandoned a transaction due to the requirement of having to download a mobile application to use services needed to check out.
During Hack Week in Winter 2021, Marqeta team members identified the potential impact of enabling brands to provision tokens from a mobile web browser, allowing their users to pay directly from their mobile wallets without forcing them to transact through an app, and web push provisioning was built in partnership with digital wallet providers Apple and Google.
According to Marqeta’s Chief Product Officer, Simon Khalaf, “Growing familiarity with digital wallets created demand for a solution that enables Marqeta customers to quickly and easily provision virtual cards and digital wallet tokens from the web for use with both Apple Pay and Google Pay.”
He adds, “Imagine if airlines could instantly push a card to stranded passengers to cover food expenses during their delay, or if it was simpler for insurance companies to process a claim and instantly provide a card to cover expenses for their affected customers.”
In a step towards making such actions that bit more seamless Marqeta says its tokenisation portfolio is specifically tailored to card issuers seeking the flexibility to drive results across a wide range of card programmes with tokenisation.
Among its capabilities are in-app, card on file, and manual solutions that continue to power Tokenisation-as-a-Service for leading brands such as Citi, Bread Financial, JPMorgan Chase and Citi.
