We’re excited to launch our Tokenization as a Service (TaaS) product, which allows any legacy card issuer to instantly provision existing cards into mobile wallets. As the demand for digital payments surges during COVID-19, with no signs of slowing down, we wanted to provide issuers a way to offer contactless payment options directly into a user’s mobile wallet in real time.
We first released the ability to tokenize a card back in 2016, through our partnership with Square Cash App. This allowed cardholders to immediately use their cards through a mobile wallet, without having to wait for a physical card to arrive, or manually enter card numbers. With TaaS, we’ve opened up this capability to any card type, including cards not directly issued on our platform, allowing any issuer to have access to our technology.
J.P. Morgan has already adopted TaaS and we look forward to a wider launch for our customers. We designed TaaS to fill a functionality gap with legacy processors, providing customers access to many features of Marqeta’s modern card issuing platform including management of tokens through our APIs, notifications when users add or remove cards from mobile wallets through webhooks and zero-code authentication for mobile wallet verification.
We’re proud of the innovation around instant card issuance and network tokenization and we’re excited to offer this technology to any issuer, especially in a moment when immediate access to funds and safe, touch-free payment options is so important. TaaS will open up new possibilities for companies looking to release innovative services quickly, but don’t have access to modern technology.
Alongside TaaS, we’re also expanding our existing Apple Pay and Google Pay integrations into Canada, Europe and Australia. This will help to further streamline onboarding for our customers and allow them to integrate once with Marqeta and then easily turn on card tokenization in new global markets. We are now also integrated with Samsung Pay, and officially work with all major mobile wallets.
Read our full press release about our TaaS announcement here.