Searching for the correct payment card so you can pay with a preferred payment method can be irritating from a consumer’s standpoint. This wouldn’t be an issue though if you could toggle between multiple payment methods on one card. Looking to bring this idea to life, Marqeta, the global modern card issuing platform has partnered with Visa, the payments giant, and Affirm, the BNPL provider.
The three companies are working together to improve Visa Flexible Credential – a card with multiple payment options on it. Marqeta achieved certification with Visa Flexible Credential in May 2024. This will enable cardholders of Marqeta’s participating customers to easily set parameters or choose whether they use debit, credit, ‘pay-in-four’ with Buy Now, Pay Later or even pay using rewards points.
Marqeta is the first issuer processor in the US certified for Visa Flexible Credential. This will enable participating Marqeta customers to offer multiple types of payment options on a single card, creating a streamlined and frictionless payment experience regardless of what payment method they choose. This also helps Marqeta customers improve the consumer purchase experience and increase merchant acceptance.
Strength in numbers
As previously announced, Visa Flexible Credential will be first launching in the US with Affirm later this year. This will provide consumers with the potential opportunity to benefit from Visa’s acceptance, the simplicity and ease of Marqeta’s platform, and Affirm’s technology and underwriting capabilities in Buy Now, Pay Later.
Simon Khalaf, CEO, Marqeta
“Marqeta is at the forefront of what’s possible in payments. We’re proud to be the first issuer processor in the US certified for Visa Flexible Credential,” said Simon Khalaf, CEO, Marqeta.
“Combining the ubiquity and acceptance of Visa, with Affirm’s technology, underwriting and consumer experience with the simplicity and seamlessness of Marqeta’s platform is a win-win-win for consumers, merchants, and issuers. We look forward to continuing to work with our partners to enable new technologies that make payments simpler and more flexible for consumers, helping them get the most out of their payment cards.”
Greater flexibility
Consumers are increasingly seeking greater flexibility and more options around ways to pay. The Marqeta State of Credit Report in 2023 found that when searching for their next credit card, consumers surveyed reported being most influenced by the level of flexibility and personalisation available. In fact, 46 per cent cited convenience as the biggest benefit of using credit cards.
Additionally, 71 per cent of US BNPL users surveyed would be interested in accessing other financial services through their BNPL provider, demonstrating the willingness for consumers to seek out additional payment options that are the best fit for their current financial situation and lifestyle.
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