We announced today that Marqeta has integrated Mastercard Track™ Instant Pay, a next-generation virtual card solution that uses machine learning and straight-through processing to enable instant payment of supplier invoices. We will become the first processor to integrate with Track Instant Pay in the U.S., enabling our customers to authorize supplier payments and manage cash flow more quickly and seamlessly.
With Track Instant Pay, our customers in the U.S. will be able to immediately authorize payment to suppliers after invoices are received instead of waiting for invoices to be approved manually, freeing up time to focus on growing their businesses instead of administrative tasks. This payment process empowers our customers to pay invoices more efficiently and access cost savings by avoiding costly check processing fees.
“Mastercard is focused on modernizing payments around the world and delivering a seamless digital experience – unlocking new opportunities for businesses to get paid how they want to get paid,” said Marie Elizabeth Aloisi, executive vice president, Commercial Solutions at Mastercard. “With the integration of Mastercard Track Instant Pay, we are proud to enhance our relationship with Marqeta to deliver robust virtual card solutions to our joint customers.”
Recently, we’ve launched several joint initiatives with Mastercard, including the Uber Pro Card with Branch, a debit card that enables Uber drivers and couriers to earn cash back on gas and EV charging, and powering Stash Core, a new banking experience and debit card that will help Stash to more easily welcome new customers and serve millions of everyday Americans who want to build long-term wealth. We continue to work closely to collaborate on products and solutions to enable their joint partners to tap into capabilities that deliver differentiated payment experiences.