Marqeta Announces Partnership with Stables in Australia to Power Prepaid Card
20 März 2023 - 11:30PM
Business Wire
Marqeta will power the new Stables prepaid
card, enabling users to convert stablecoins into fiat and spend
wherever Mastercard cards are accepted online and in-store
globally.
Marqeta (NASDAQ: MQ), the 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 spend
controls and Just-in-Time funding capabilities, Stables’ customers
will be able to convert stablecoins into 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’s a significant appetite for consumers to do more with their
holdings – 82% of consumers surveyed globally said they would be
interested if their cryptocurrency exchange offered them a debit
card where they could spend cryptocurrency like dollars. According
to the survey, Australian consumers were more likely to use mobile
wallets, cryptocurrency and other digital payment options compared
to consumers in the US and UK. Australia has been investing in
contactless payments since well before the pandemic, and is a
global leader in accelerating digital change post-pandemic.
“Australia has historically been at the forefront of consumer
adoption for new technologies, and crypto payments are a prime
example of the next wave of innovation that’s accelerating in the
APAC region,” said Duncan Currie, Country Manager for Australia and
New Zealand, Marqeta. “We’re proud to partner with Stables and
Mastercard to enable them to create more flexible payment options
for their customers with our APIs.”
With Marqeta’s industry-leading Just-in-Time Funding feature,
Stables is enabled to create card products that users can leverage
from their stablecoin wallet, making authorization decisions at the
point of sale based on a user’s available stablecoin balance and
funding transactions in fiat currency. Marqeta’s open APIs and
dynamic spend controls allow customers like Stables to build
customizable experiences, easily integrating with other apps and
offering visibility and transparency through real-time
notifications and monitoring powered by webhooks.
“Stables is committed to expanding what’s possible with
stablecoins, giving people more flexibility and choice in their
payments habits,” said Stables co-founder & CEO Erez Rachamim.
“With increasing demand for digital assets, we’re thrilled to work
with Marqeta to develop a card that enables more seamless spending
on everyday items.”
About Marqeta
Marqeta’s modern card issuing platform empowers its customers to
create customized and innovative payment cards. Marqeta’s platform,
powered by open APIs, gives its customers the ability to build more
configurable and flexible payment experiences, accelerating product
development and democratizing access to card issuing technology.
Its modern architecture provides instant access to highly scalable,
cloud-based payment infrastructure that enables customers to launch
and manage their own card programs, issue cards and authorize and
settle transactions. Marqeta is headquartered in Oakland,
California and is 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, quotations and statements relating to changing
consumer preferences; increasing consumer adoption of certain
digital payment methods, products, and solutions; which payment,
banking, and financial services products and solutions may succeed;
technological and market trends; Marqeta’s business; Marqeta’s
products and services; and statements made by Marqeta’s senior
leadership. Actual results may differ materially from the
expectations contained in these statements due to risks and
uncertainties, including, but not limited to, the following: any
factors creating issues with changes in domestic business, market,
financial, political and legal conditions; the effect of and
uncertainties related to the global COVID-19 pandemic on U.S. and
global economies and demand for Marqeta’s services and products;
the uncertainties and direct and indirect effects of the
significant military action against Ukraine launched by Russia,
including threats of attacks against U.S. financial institutions as
retaliation against financial institutions for sanctions imposed
against Russia; the risk that Marqeta is unable to further attract
and grow its customer base; the risk that consumers will not
perceive the benefits of Marqeta’s products and services, including
digital payment and banking products and services; the risk that
Marqeta's products and services do not operate as intended,
including digital payment and banking products and services; the
risk that Marqeta’s products and solutions will not achieve the
expected market acceptance, including digital payment and banking
products and services; and the risk that competition could reduce
expected demand for Marqeta’s products and services, including
digital payment and banking products and services. Detailed
information about these risks and other factors that could
potentially affect Marqeta’s business, financial condition and
results of operations are included in the “Risk Factors” disclosed
in Marqeta's Annual Report on Form 10-K for the year ended December
31, 2021, as such risk factors may be updated from time to time in
Marqeta’s periodic filings with the SEC, available at www.sec.gov
and Marqeta’s website at http://investors.marqeta.com. The
forward-looking statements in this press release are based on
information available to Marqeta as of the date hereof. Marqeta
disclaims any obligation to update any forward-looking statements,
except as required by law.
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version on businesswire.com: https://www.businesswire.com/news/home/20230320005642/en/
Media: James Robinson 530-913-0844 jrobinson@marqeta.com
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