Marqeta to Bring Tokenized Cards to Apple Pay
Marqeta announced that developers will be able to use tokenization technology to give Apple Pay users more payment options, beginning in November.
Currently, if users want to add a Marqeta-supported card to Apple Pay, they must take a picture of the card details with their iPad or iPhone or manually enter the information. Marqeta’s Instant Issuance technology will now allow eligible cards to be issued directly into the wallet using a network token, so users will not need to take any additional steps to enter their card into Apple Pay.
Several partners have already signed on to issue payment cards directly into Apple Pay. Marqeta plans to announce these partnerships in the coming months.
“Our goal is to make payments faster, easier and more efficient. Everything we do is towards this goal,” said Marqeta CEO Jason Gardner. “Network tokenization technology is going to be an important element of the next phase of Marqeta, and by building on technology from large industry players like Apple and Visa, we’ll help greatly advance mobile first card technology.”