Marqeta (NASDAQ: MQ), the modern global card issuance platform, today announced its partnership with Figure, a leader in transforming financial services through the power of blockchain technology, to fuel the launch of the product Figure Pay, an all-in-one digital money application.
Figure Pay is currently available in 26 states and is growing nationwide. It is built on the Provenance Blockchain payment infrastructure, which enables faster payments and lowers costs for merchants. Figure Pay offers its users a free deposit account, seamless money transfer to friends and family, an extensive rewards program and free access to a network of 55,000 ATMs. More specifically, it incorporates a native Buy Now feature, Pay Later, allowing consumers to decide at the point of sale whether they wish to finance a purchase. Figure Pay is also committed to financial inclusion and enables underbanked users to access financing and build a credit history.
“Figure’s philosophy as a company, reinventing the core financial services infrastructure and layering products that better match new consumer demands and expectations is something that resonates strongly with us at Marqeta, and we are delighted that ‘They chose our modern card issuing platform to power Figure Pay,’ said Darren Mowry, director of revenue at Marqeta. “The combination of Figure Pay’s digital money management with the buy now, pay later functionality is a pioneering application of this technology. We can’t wait to see this modern and flexible user experience come to life.
Marqeta’s industry-defining just-in-time functionality will allow Figure to manage its own transaction authorizations, giving Figure Pay users the flexibility to choose between debit and point-of-sale lending. Marqeta has seen an increase in the use of Buy Now, Pay Later through its platform, with net revenues up 350% year over year in the second quarter of 2021. Its sandbox focused on developers and its suite of over 300 open APIs are used by payments innovators. like Figure to help create flexible and modern payment experiences.
“We had a very specific vision for Figure Pay, creating a new payment tool, where people could have end-to-end management of their money and the ability to have full flexibility at the point of sale on how to finance a purchase. Said Tony Morosini, Head of Banking Services and Payments at Figure. “Marqeta’s modern technology played a vital role in achieving this goal and they were true partners, working with us every step of the way to help us create a product that matched our vision. ”