Today, we announced our partnership with Paycast, the marketplace payment engine based in London, U.K., and Mastercard to power and launch a digital card product to offer faster and more convenient ways for marketplace sellers to get paid.
Paycast will leverage our modern card issuing platform and the Mastercard network to empower marketplaces with payment solutions. Using our virtual card functionality, Paycast will give its customers the ability to participate in the authorisation process and set rules that can support anti-fraud measures and provide opportunities for loyalty and reward schemes for their sellers.
“In the past 12 months we’ve seen significant growth in online marketplaces, yet at the same time, there is a lack of payment options for acquirers, marketplaces, and their sellers. Paycast aims to rectify that by bringing to market a new solution that will provide sellers with one single place to manage all their payments,” said Elle Kim, Managing Director of Paycast. “Marqeta is the ideal partner to help us bring our vision to life, thanks to its simple, easy-to-use suite of APIs that we’ve been able to use to launch and quickly scale Paycast, and with our shared global ambitions there’s a strong synergy.”
Through this partnership, Mastercard will enable the use of the virtual cards on its global card network, providing industry and functional expertise as well as collaborating on customer growth initiatives and marketing. Mastercard continues to invest in its expansive developer platform, Mastercard Developers, to be the partner of choice for fintech innovators across Europe, taking a relationship, technology-led, and mission-aligned approach to partnering with fintech companies.
“We are thrilled to be supporting Paycast on the next step of their journey, having worked closely with them since their early days in the Mastercard Start Path programme. From our technology and data assets to our global ecosystem of partners and dedicated programs, we are leveraging our tools and expertise to iterate with Paycast at every stage, transforming bold ideas together,” said Scott Abrahams, Senior Vice President, Business Development & Fintech, Mastercard U.K. & Ireland.
We’re excited to support the launch of Paycast and its mission to develop and enrich payment solutions for today’s businesses and consumers. Read the full press release here.
Learn more about our European offerings here.