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Global card issuing platform Marqeta has launched Marqeta Flex, a new Buy Now, Pay Later (BNPL) solution that can be embedded within payment apps and wallets.
The solution is being developed in collaboration with payment providers Klarna and Affirm, as well as payments platform Branch.
Branch intends to incorporate Marqeta Flex into its app, which serves W-2 and 1099 workers, providing them with tailored BNPL loan options.
Marqeta CEO Simon Khalaf said: “Marqeta Flex is about building upon the transformational impact that Buy Now, Pay Later has had over the last decade, and helping consumers access these options intuitively from inside an even greater range of payment experiences.
“We are excited to partner with industry-leading BNPL players Klarna and Affirm in the space to give consumers more choice in how they pay for every transaction they want to make.”
With the new solution, Marqeta aims to further syndicate BNPL services, personalising the shopping experience and offering consumers their preferred BNPL options on demand.
Marqeta Flex is said to benefit consumers, payment providers, and issuers.
Consumers will have access to BNPL options that are tailored to their needs within the payment apps they frequently use.
Payment providers will see expanded BNPL distribution, leading to increased consumer access and higher transaction volumes.
For card issuers and digital wallets, Marqeta Flex offers a robust solution that drives payment volume by integrating multiple BNPL offerings that can be customised to user preferences.
With a single Marqeta Flex integration, digital wallets and card issuers gain access to various global BNPL providers, accelerating the development and launch of card solutions with flexible payment methods, including user-friendly BNPL loan options.
Upon launch, users will select the Pay Later option within their payment app and be presented with personalised BNPL payment plan options.
"Marqeta integrates BNPL into payment apps with new solution" was originally created and published by Electronic Payments International, a GlobalData owned brand.
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