Marqeta Flex is being developed with payments platform Branch and payment providers Klarna and Affirm, enabling real time and customized BNPL options for consumers.
Marqeta, the global modern card issuing platform that enables embedded finance solutions for the world’s innovators, unveiled its Marqeta Flex solution at Money 2020, an innovative new solution that revolutionizes the way BNPL payment options can be delivered inside payment apps and wallets, surfacing them at the moment of need within an existing payment flow.
“Marqeta Flex is about building upon the transformational impact that Buy Now, Pay Later has had over the last decade, and helping consumers access these options intuitively from inside an even greater range of payment experiences”
Marqeta Flex is being developed with leading payment providers Klarna and Affirm and payments platform Branch. Branch, a key innovation partner, plans to integrate the solution into its payments app for W-2 and 1099 workers, enabling their end users to easily access BNPL loan options catered to their individual needs.
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“Marqeta Flex is about building upon the transformational impact that Buy Now, Pay Later has had over the last decade, and helping consumers access these options intuitively from inside an even greater range of payment experiences,” said Simon Khalaf, Marqeta’s Chief Executive Officer. “We are excited to partner with industry-leading BNPL players Klarna and Affirm in the space to give consumers more choice in how they pay for every transaction they want to make.”
Marqeta has already partnered to support the exponential growth of BNPL solutions, bringing pay over time options to millions of consumers globally. Marqeta Flex is poised to bring even further syndication to the BNPL space. The solution expands the distribution of BNPL while personalizing the experience for shoppers, providing them with access to their favorite BNPL options when they need them. Supporting some of the largest BNPL solutions and card issuers today, Marqeta is uniquely positioned to recognize the opportunity for expanded BNPL distribution and how it allows for enhanced payment capabilities and greater consumer choice.
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The intended benefits of Marqeta Flex for consumers, payment providers and issuers include:
- Consumers: With Marqeta Flex, consumers will be guided to the BNPL options that can meet their needs. They get access to personalized BNPL options inside of the payment apps they use most often.
- Payment Providers: Marqeta Flex expands BNPL distribution, allowing payment providers that offer pay over time options to benefit from even greater access to consumers and higher transaction volumes.
- Card issuers and digital wallets: Marqeta Flex is a powerful solution for digital wallets and card issuers, allowing them to drive payment volume by incorporating multiple BNPL offerings into the transaction experience that can be customized to user preferences. With a single integration with Marqeta Flex, they’ll have access to a variety of global BNPL providers, increasing the speed at which they can build and launch card solutions that offer flexible payment methods, including custom and user-friendly BNPL loan options.
“We’re thrilled to be building this with Marqeta and innovating how BNPL can be applied,” said Ahmed Siddiqui, Chief Payments Officer at Branch. “We look forward to giving the workers we serve even greater payment access and choice.”
Marqeta Flex is intended to be fast and simple for consumers. When launched, the user will choose the Pay Later option within their payment app and be provided with personalized BNPL payment plan options.
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Source – Businesswire
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