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Marqeta will power the new Stables prepaid card, enabling users to convert stablecoins to fiat and spend wherever Mastercard cards are accepted online and in-store globally.
OAKLAND, California–(BUSINESS WIRE)–Marqeta (NASDAQ:MQ), a global modern card issuing platform, today announced a new partnership with Stables (formerly Tiiik) to power its new Mastercard prepaid card. Based in Sydney, Australia, Stables is a digital wallet that allows users to spend, send and earn stablecoins, all on one balance. With Marqeta’s dynamic spending control and Just-in-Time funding capabilities, Stables customers will be able to convert stablecoins to fiat and spend wherever Mastercard cards are accepted online and in-store globally.
Marqeta’s 2022 Consumer Money Movement Survey found that 30% of Australians surveyed said they owned cryptocurrency, with 93% of consumers surveyed globally saying they held it like an asset. There is a significant desire for consumers to do more with their holdings – 82% of consumers surveyed globally said they would be interested if a cryptocurrency exchange offered a debit card where they could spend cryptocurrencies such as dollars. According to the survey, Australian consumers are more likely to use mobile wallets, cryptocurrencies and other digital payment options compared to consumers in the US and UK. Australia had invested in contactless payments long before the pandemic, and was a global leader in accelerating post-pandemic digital change.
“Australia has historically been at the forefront of consumer adoption of new technologies, and crypto payments are a prime example of the next wave of innovation accelerating in the APAC region,” said Duncan Currie, Country Manager for Australia and New Zealand, Marqeta. “We are proud to partner with Stables and Mastercard to enable them to create more flexible payment options for their customers with our API.”
With Marqeta’s industry-leading Just-in-Time Funding feature, Stables is enabled to create a card product that users can leverage from their stablecoin wallet, make authorization decisions at the point of sale based on a user’s available stablecoin balance and fund transactions in fiat currency. Marqeta’s open API and dynamic spending controls allow customers like Stables to build customized experiences, easily integrate with other applications and offer visibility and transparency through real-time notifications and monitoring powered by webhooks.
“Stables is committed to expanding what is possible with stablecoins, giving people more flexibility and choice in their payment habits,” said Stables co-founder & CEO Erez Rachamim. “With the growing demand for digital assets, we are excited to work with Marqeta to develop a card that enables smoother shopping for everyday items.”
About Marqueta
Marqeta’s modern card issuance platform empowers its customers to create customized and innovative payment cards. The Marqeta platform, powered by an open API, gives its customers the ability to build more configurable and flexible payment experiences, accelerate product development, and democratize access to card issuance technologies. Its modern architecture provides instant access to a highly scalable, cloud-based payment infrastructure that enables customers to launch and manage their own card programs, issue cards, and authorize and complete transactions. Marqeta is headquartered in Oakland, California and certified to operate in 40 countries globally. For more information, visit www.marqeta.com, Twitter and LinkedIn.
Forward Looking Statements
This press release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements expressed or implied in this press release include, but are not limited to, quotes and statements that relating to changes in consumer preferences; increasing consumer adoption of certain digital payment methods, products and solutions; which payment, banking and financial services products and solutions can be successful; technology and market trends; Marqeta’s business; Marqeta products and services; and statements made by senior leadership of Marqeta. Actual results may differ materially from the expectations contained in this statement due to risks and uncertainties, including, but not limited to, the following: any factors that give rise to problems with changing business, market, financial, political and legal conditions in country; the effects of and uncertainty associated with the global COVID-19 pandemic on the US and global economies and the demand for Marqeta’s services and products; uncertainty and the direct and indirect effects of significant military action against Ukraine launched by Russia, including threats of attacks on US financial institutions in retaliation against financial institutions for sanctions imposed against Russia; the risk that Marqeta is unable to attract and further develop its customer base; the risk that consumers will not benefit from Marqeta’s products and services, including digital payments and banking products and services; the risk that Marqeta’s products and services do not operate as they should, including digital payments and banking products and services; the risk that Marqeta’s products and solutions will not achieve the expected market acceptance, including digital payments and banking products and services; and the risk that competition may reduce the expected demand for Marqeta’s products and services, including digital payments and banking products and services. Detailed information about these risks and other factors that have the potential to affect Marqeta’s business, financial condition and results of operations are included in the “Risk Factors” which are disclosed in Marqeta’s Annual Report on Form 10-K for the year ended December 31 2021, as well as risk factors may be updated from time to time in Marqeta’s periodic filings with the SEC, available at www.sec.gov and the Marqeta website at http://investors.marketa.com. The forward-looking statements in this press release are based on information available to Marqeta as of this date. Marqeta disclaims any obligation to update forward-looking statements, except as required by law.
Contact
Media:
James Robinson
530-913-0844
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