J.P. Morgan partners with Marqeta to launch virtual credit cards
Marqeta, a California based non-bank card issuing platform, has announced that banking giant J.P. Morgan will use its card tokenisation technology in its virtual card programme. Anticipated to be available in 2021, it will be integrated into J.P. Morgan’s existing systems to enable instant issuance of virtual cards into mobile wallets for the bank’s commercial card clients.
Citing proprietary third party research its press release, Marqueta claims that virtual cards use is more than $200 billion which is projected to grow 20% annually through 2021. Over one billion people are expected to make payments using mobile wallets in 2020, Marqueta said. The company declined to respond to questions about this research.
In May 2020, Marqeta was valued at $4.3 billion after it raised $150 million in the funding round. The company is backed by Visa, Goldman Sachs, 83North, Granite Ventures, ICONIQ Capital Coatue, and Vitruvian Partners.