Paycast announced that it will be partnering with Marqeta and Mastercard to launch a digital card designed to be a fast and convenient way for marketplace sellers to do their business.
According to a recent release, Paycast allows marketplaces to hold funds in escrow until a sale is finalized between a buyer and seller. The multi-use virtual card will be prepaid and reloadable. It is designed for multi-use E-commerce, allowing sellers to set up for a virtual card payout in 2022 for those operating in the UK.
Mastercard will allow for virtual cards to be used in its network, which will help with customer growth initiatives and marketing. It also gives Paycast customers the ability to participate in the authorization process and help with avoiding fraud.
“In the past 12 months we’ve seen a 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," Elle Kim, managing director of Paycast, said. “Marqeta is the ideal partner to help us bring our vision to life, thanks to its simple, easy-to-use suite of APIs (application programming interface) that we’ve been able to use to launch and quickly scale Paycast, and with our shared global ambitions there’s a strong synergy.”
Scott Abrahams, senior vice president, Business Development & Fintech, Mastercard UK and Ireland, said he was thrilled about the partnership.
“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,” Abrahams said.
Marqeta is a modern card-issuing platform headquartered in Oakland, Calif., that works in 36 countries around the world. It uses cloud-based payment infrastructures to help customers launch their own card programs. Managing Director and SVP of Marqeta Europe Ian Johnson said he was excited to be a part of the launch, which he considers a great example of his company’s versatility.
“We look forward to supporting Paycast in its mission to develop and enrich payment solutions for today’s businesses and consumers,” Johnson said.