Marqeta and Visa have formed a global partnership aimed at driving innovations in consumer and commercial payments. In order to support the international and domestic growth objectives of Maarqeta, Visa has also invested in the card issuing platform.
This has come as the electronic payments market has continued to grow in peer-to-peer payments, on-demand services, eCommerce, disbursements, alternative lending and commercial payables. Initially, the partnership formed by the two will focus on expanding opportunities for tokenized, physical and virtual payments in several commercial markets as well as use cases which could benefit from the developer-friendly platform of Marqeta.
“We’re excited to partner with Marqeta to collectively bring our unique assets and capabilities to more partners and clients globally … [We] increasingly see open, developer-friendly platforms as a way to help clients move quickly in today’s fast-paced environment,” Visa’s innovation and strategic partnerships executive vice president, Jim McCarthy, said.
This is not the only investment and partnership that Visa has forged with an innovator in the payments sector. In the recent past Visa has also made investments in Stripe, Square, Klarna and Chain among others. This is in line with Visa’s policy of continually evaluating all kinds of technologies and especially the ones that are likely to advance and enhance digital payments for clients of the card issuer.
The investment and the partnership coincides with Visa announcing the expansion of its transaction processing capabilities after the card issuer added two data centers in the United Kingdom and Singapore. Besides helping in the delivery of new and sophisticated payments in the modern highly connected global economy the new processing hubs will also assist in enhancing the geo-diversity, resilience and speed of the card issuer’s infrastructure.
The new Visa data centers in Europe and Asia will complement the ones that already exist in North America. Visa’s synchronized data centers have now risen to four and this expanded footprint will serve as a boost to the resilience and redundancy of its infrastructure and thereby reducing the chances of service disruption. Currently there are approximately 3 billion cards issued by Visa. The cards are accepted at millions of outlets and Visa has partnerships with financial institutions numbering 16,600.
The technology at the two new Visa data centers is the best-in-class and this includes high-performance hardware as well as infrastructure that is energy-efficient. Processing of global transactions will start at the two data centers sometime next year.