The platform adds intuitive credit card program management tools and creates a “one-stop shop” for rolling out consumer and commercial credit programs, the company said in a news release.
(Image Source)
GLOThe recent launch, disclosed on Monday (October 23), introduces user-friendly tools for managing credit card programs and establishes a comprehensive solution for implementing both consumer and commercial credit programs, as outlined in the company’s press release.
The release highlights the ability for brands to set a new standard for credit cards, fostering greater customer loyalty through personalized rewards and offering a complete end-to-end customer experience.
Personalized rewards hold significant importance, as indicated in a study called “Leveraging Item-Level Receipt Data: How Card-Linked Offers Drive Customer Loyalty,” jointly conducted by PYMNTS Intelligence and Banyan. According to the report, 65% of credit or debit card users prefer to shop with brands or merchants affiliated with loyalty or rewards programs. Additionally, 34% of consumers are open to trying out new brands or merchants, while 23% are occasional shoppers who sporadically patronize specific brands or merchants.
Furthermore, personalized card reward programs are particularly attractive to consumers, with 40% expressing a desire for cards tailored to their individual needs and preferences. Customers who have utilized such programs report high levels of satisfaction, especially when the offers are customized to their preferences, thereby providing merchants with opportunities to foster loyalty and increase spending.
Marqeta’s CEO, Simon Khalaf, noted that brands have been seeking ways to connect with customers through laptops and mobile devices, and now they have the chance to extend their presence into customers’ wallets, with the credit card serving as a new platform for the digital experience.
Khalaf expressed the belief that this launch could redefine the concept of a credit card, showcasing how elegantly designed, integrated credit cards can help forward-thinking brands engage with customers in innovative ways. The enhanced credit features stem from the successful integration of Power Finance, a company acquired by Marqeta in a $275 million deal at the end of January. Khalaf emphasized that the acquisition of Power Finance was driven by the growing demand for innovative credit products from companies looking to modernize in this space, which had been hindered by legacy technology constraints. The acquisition allowed Marqeta to strengthen its platform with a state-of-the-art tech stack for managing credit card programs.
