“A rapid digital transformation is upending everything from how we eat to how we navigate our cities. As Uber looks to build out a global ecosystem that our users can rely on in all facets of their lives, it was clear we needed a sophisticated card issuing and payments processing partner to reach our true potential,” Jennifer Vescio, global head of business development at Uber, said in a Marqeta blog post on Tuesday (Nov. 17).
She added that teaming with Marqeta is “a crucial building block” for Uber’s future and that its “single global platform” complements Uber’s global scale.
Marqeta already works with Uber Eats, Uber’s restaurant food delivery arm.
“Uber will be using our modern card-issuing technology to support its ecosystem of apps, which have more than 100 million monthly global users,” Marqeta said. “With our platform, Uber will be able to issue physical, virtual or tokenized cards while significantly reducing time to market.”
The plan is for the rideshare giant to roll out Marqeta’s technology in several product sectors and global markets, including Europe.
The Marqeta platform will simplify Uber’s payments interface throughout its ecosystem.
Mobile ordering on third-party apps like DoorDash, Grubhub and Uber Eats has accelerated during the coronavirus pandemic and has helped restaurants survive during lockdowns and restrictions. Pandemic aside, digital food delivery sales are anticipated to increase 7.5 percent annually through 2024.
Marqeta got an investment last month for an undisclosed amount from Mastercard, a business partner since 2014. The two companies said they are teaming up for a global expansion, starting in the Asia Pacific region.
Uber anticipates that its Uber Eats arm will stay busy, even after COVID-19. Uber also acquired Postmates earlier this month for $2.65 billion, which will expand its geographic footprint and range in the U.S.