Mastercard partnership to launch digital card for marketplace sellers

Mastercard, Marqeta, and Paycast are teaming up to launch a digital card designed for marketplace sellers.

Paycast, which launched in 2020, enables marketplaces to hold funds in escrow between buyers and sellers until the conditions of sale have been verified. The company said that the ability for marketplace sellers to access these funds immediately on a virtual card provides “more choice” and a “modern experience” for accessing proceeds quickly and securely.

“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,” said Elle Kim, managing director of Paycast. “Marqeta is the ideal partner to help us bring our vision to life, thanks to its simple, easy-to-use suite of APIs that we’ve been able to use to launch and quickly scale Paycast, and with our shared global ambitions there’s a strong synergy.”

Marqeta is supporting Paycast with its fully-documented open API platform and the new company will use its virtual card functionality.

“We’re excited to support the launch of Paycast, which we think will be an important new payment tool for online marketplaces,” said Ian Johnson, senior vice president and managing director at Marqeta Europe. “Paycast is a great example of the Marqeta platform’s versatility, demonstrating how our platform can deliver on solutions across a range of modern use cases, which can be replicated across different international markets and verticals.”

Mastercard will enable the use of the virtual cards on its global card network, provide industry and functional expertise, and collaborate on customer growth initiatives and marketing.

“We are thrilled to be supporting Paycast on the next step of their journey, having worked closely with them since their early days in the Mastercard Start Path programme,” said Scott Abrahams, senior vice President, business development & FinTech, Mastercard UK & Ireland. “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.”

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