Afterpay allows merchants to give shoppers a way to pay for purchases in four installments over a short period of time. There are no fees for customers who pay on time, the announcement noted, and instead of revolving or extended debt, borrowers pay the with three or four installments every two weeks. The platform is offered by over 43,000 retailers and used by over 7 million people globally.
“Afterpay helps the world’s best brands connect with a new generation of customers who want to shop in a way that gives them control and the ability to budget their own money,” said Afterpay Chief Payments Officer Kareem Al-Bassam. “For this reason, we are seeing tremendous business momentum. This new partnership with Marqeta provides us with a platform that will help us scale our U.S. business.”
Marqeta boasts a fast, contemporary card issuing solution with the first open-API platform. It has the ability to quickly onboard new merchant customers and powers a unified virtual experience for Afterpay users.
“Marqeta is thrilled to be partnering with Afterpay in the United States, and we also look forward to working together on additional markets using Marqeta’s global platform capabilities,” said Marqeta Chief Revenue Officer Omri Dahan. “This partnership is yet another validation that Marqeta is the natural choice for developers with true innovation and scale in mind. When the best technology comes together with aligned cultures and strong partnership, extraordinary outcomes are possible.”
Founded in 2010 by Jason Gardner in Oakland, California, Marqeta has issued almost 150 million cards. It operates in the U.S., Canada and Europe.
Visa and Marqeta partnered in October to bring digital payments 10 key markets in the Asia-Pacific region. FinTech firms with domestic wallets there can now turn user account balances into digital card credentials that are accepted everywhere Visa is accepted, and where the Marqeta platform is certified.