The financial technology landscape is constantly evolving, demanding solutions that effortlessly combine simplicity, efficiency, and of course, delight. This is precisely where Marqeta, the leading global innovator in modernizing card issuance and digital payments, excels, and why Giftbit has partnered with them. This collaboration will continue to propel us to the forefront of the rewards and incentives industry, offering modern prepaid cards with an elegant, seamless experience.
Who is Marqeta?
Marqeta is a distinguished player in the sphere of financial technology, revolutionizing the traditional landscape of card issuing and payment processing. It has achieved this transformation through the development of an open API platform that combines user-friendly interface design with robust capabilities.
The primary mission of Marqeta is to empower builders - a term they use to denote businesses - to conceive and implement the most advanced payment experiences possible. Their platform provides a remarkable degree of innovation, offering fully customizable payment cards that can be issued instantaneously and utilized universally - a testament to Marqeta's pioneering approach.
Additionally, Marqeta's commitment extends beyond mere technological advancement. They place a profound emphasis on partnerships, asserting that collaborative efforts yield the most fruitful results. Marqeta serves as more than just a service provider; they are collaborators, mentors, and supporters, aiding their partners at every juncture in the journey of digital payments.
With Marqeta's exceptional traits and expertise, Giftbit is incredibly aligned and humbled to embark on this journey as an embedded finance customer. It's a perfect match that we're truly grateful for.
For more details, feel free to explore their website.
What is embedded finance?
Embedded finance, in a nutshell, is the seamless integration of financial services into non-financial platforms or experiences. This concept has gained immense popularity as businesses and consumers seek to simplify transactions and streamline their experiences. Imagine hailing a ride and paying for it all within the same app, or securing an auto loan right at the dealership during your vehicle purchase - that's embedded finance in action!
According to Marqeta, embedded finance customers accounted for over half of their bookings in the first half of 2023. This shows how businesses are becoming increasingly aware of the benefits of embedded finance which can provide them with faster and more reliable payment solutions that fit directly into their workflows and existing tech stacks.
Further to this embedded finance is also a key component in the $176B rewards and incentives market. Fast and flexible disbursement solutions are critical for companies looking to reward loyalty or payout for research participation, or employers seeking a modern way to incentivize their employees.
But it's not just about convenience. Embedded finance also creates a better customer experience by offering personalized financial services within your favorite brands' ecosystems, which can foster customer loyalty and engagement. It's like having your cake and eating it too - you get to enjoy your preferred brands while also having easy access to financial services.
What can Giftbit customers expect from this partnership?
Marqeta's innovative platform is uniquely positioned to provide our customers with seamless experiences through incentive cards. By partnering with this powerhouse in the card issuing industry, Giftbit can offer faster and more flexible disbursement solutions. This in turn grants Giftbit customers a wide range of choices and flexibility through modern prepaid cards, which plays a crucial role in building a foundational customer loyalty program for organizations.
To quote Leif Baradoy, CEO here at Giftbit:
What's the overall objective of our partnership?
To make a memorable impact on employees and customers, mitigating friction, and fuelling growth and loyalty.
Giftbit prides itself on its robust network of providers, all of whom are committed to serving the needs of our diverse client base. Within this vibrant ecosystem, Marqeta stands out as a key player. Marqeta's contribution to our provider network underscores our commitment to partnering with industry leaders to deliver the best possible service to our clients.
Their expertise in payment processing and card issuing adds significant value to our offerings, enriching the client experience, and amplifying the impact of our solutions. And we are excited!
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