Marqeta, the open API issuer processor platform, announced Thursday (Oct. 27) that, in November, developers will be able to use network tokenization technology to offer Apple Pay users even more ways to pay.
In a press release, the company said, currently, to add a Marqeta-supported card to Apple Pay, users capture the card details with the camera on their iPhone or iPad or manually enter card information. Marqeta’s Instant Issuance technology will allow for eligible payment cards (or network “tokens”) to be issued directly into Wallet, with no additional steps needed to add the card to Apple Pay.
Marqeta is the first issuer processor to offer instantly issued tokenized eligible cards to technology innovators. This functionality will soon be live with select developers participating on the Visa network and offering Apple Pay. Several partners are already signed up to issue cards directly into Apple Pay and will be announced in the coming weeks and months.
Marqeta has shown a consistent commitment to innovation in payment technology. The company was the first fully open API issuer processor platform. Last week, Marqeta became the first issuer processor to allow instant access to its industry-leading tools for building the most advanced credit, debit and prepaid card products around.
“Our goal is to make payments faster, easier and more efficient. Everything we do is towards this goal,” said Marqeta CEO Jason Gardner in the press release. “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.”