Marqeta Announces New Enhancements to Its Program Management Capabilities, Reducing the Complexity of Building Modern Payment Experiences

Rhea-AI Summary

Marqeta (NASDAQ: MQ) has introduced two new products to enhance its card program management tools: UX Toolkit and Portfolio Migrations. The UX Toolkit aims to reduce front-end development time, allowing customers to create modern payment experiences faster and with fewer resources. It includes UI components, templates, and a builder environment for customization. Portfolio Migrations simplifies the process of transferring card programs to Marqeta's platform, ensuring a smooth transition and seamless cardholder experience.

These enhancements are designed to help Marqeta's customers deliver better user experiences for their cardholders, comply with regulatory requirements, and access advanced card management features and data analytics. Several customers, including Bold.org and Finfare, have already signed on to use the UX Toolkit.

Positive

• Introduction of UX Toolkit to significantly reduce development time for front-end experiences
• Launch of Portfolio Migrations service to simplify card program transfers to Marqeta's platform
• Pre-approval of UX Toolkit by major card networks, ensuring regulatory compliance
• Early adoption of UX Toolkit by customers like Bold.org and Finfare

Negative

• None.

Insights

Product Management Expert

Marqeta's introduction of UX Toolkit and Portfolio Migrations represents a significant enhancement to their program management capabilities. The UX Toolkit addresses a critical pain point in the fintech industry by reducing front-end development time for payment experiences. This could potentially accelerate time-to-market for Marqeta's customers, giving them a competitive edge.

The Portfolio Migration service is equally impactful, as it simplifies the complex process of transferring card programs. This could lower barriers for companies considering switching to Marqeta's platform, potentially expanding their customer base. However, the real value lies in the combination of these tools with Marqeta's existing expertise, creating a more comprehensive offering that could strengthen their market position.

While these enhancements are promising, their actual impact on Marqeta's business will depend on customer adoption and successful implementation. Investors should monitor uptake rates and customer feedback in the coming quarters to gauge the true value of these new offerings.

Financial Analyst

From a financial perspective, Marqeta's new product offerings could positively impact their revenue streams. By reducing development time and simplifying migrations, Marqeta may be able to onboard new customers more quickly and potentially at a lower cost. This could lead to faster revenue growth and improved margins.

However, it's important to note that Marqeta, with a market cap of $2.61 billion, is operating in a highly competitive fintech space. While these enhancements may help retain existing customers and attract new ones, the company still faces challenges in achieving profitability. Investors should look for indicators of increased customer acquisition rates and improved customer retention in future earnings reports to assess the financial impact of these new tools.

The potential for increased market share and customer loyalty could provide long-term value, but it's important to balance this against the company's current financial position and the broader economic environment affecting the fintech sector.

Marqeta’s new UX Toolkit and Portfolio Migration products aim to greatly decrease the time it takes to migrate cardholders onto the Marqeta platform and design delightful new cardholder experiences.

OAKLAND, Calif.--(BUSINESS WIRE)-- Marqeta (NASDAQ: MQ), the global modern card issuing platform that enables embedded finance solutions for the world’s innovators, today introduced two new products – UX Toolkit and Portfolio Migrations – to its card program management tools. Marqeta’s program management capabilities combine the power of its technology with its breadth of expertise around card implementation, helping to drive the success and scalability of its customers’ card programs. UX Toolkit will allow Marqeta’s customers to create modern payment experiences from scratch with fewer development resources required, while its Portfolio Migration service reduces complexity for customers upgrading existing card programs onto the Marqeta platform, without impacting their existing cardholder experience. Combined, these two products are expected to further enhance Marqeta’s leadership in program management and enable its customers to deliver better user experiences for their cardholders.

“Card programs that fail to meet consumer expectations risk being left behind. The market is moving quickly and innovators need a partner like Marqeta that can keep up,” said Simon Khalaf, CEO of Marqeta. “As leaders in card program management, Marqeta is constantly raising the bar, making it easier for companies to move to our platform and create delightful experiences that meet consumers where they are.”

UX Toolkit aims to eliminate months of front-end development, allowing for amazing payment experiences to be built faster

The needs of cardholders are changing rapidly, and Marqeta's UX Toolkit improves the process of developing front-end experiences for its customers, significantly reducing development time. The toolkit was designed to comply with current regulatory requirements and is pre-approved by several partners, including major card networks, removing the need for businesses to manage on their own.

UX Toolkit allows its customers to build truly unique and branded cardholder experiences, guided by Marqeta’s deep expertise in designing payment flows. It gives customers access to a comprehensive set of User Interface (UI) components and templates optimized for Marqeta’s APIs, that allow its customers to design engaging front end cardholder experiences for debit and credit programs. With the UI components, businesses can more easily build and update the front-end experience for onboarding customers, funding accounts, PIN management and security, transaction history, filing disputes and account statements. UX Toolkit also includes the Marqeta Studio, a builder environment that provides extensive customization options for the UI components, including theme, color, logo, shape, and font, to fully match the business’s brand and ensure consistency across the entire user interface. Several Marqeta customers, including Bold.org and Finfare, have signed on to use UX Toolkit to integrate the features into their existing products and improve their customer experience.

“As soon as Marqeta showed us its new UX Toolkit, its capacity to accelerate how we create exceptional cardholder experiences was readily apparent,” said Dror Liebenthal, Co-Founder and CEO of Bold.org. “With this toolkit, we can easily and quickly modernize our payment experience to reflect our brand and meet the needs of our customers.”

Portfolio Migration removes the complexity of transferring card programs

Moving a payment card portfolio from any processor is a complicated and onerous process, often requiring significant time and resources. Marqeta's Portfolio Migration service removes the complexity of transferring card programs, ensuring a smooth transition and seamless cardholder experience. This service, coupled with Marqeta’s white-glove approach, utilizes Marqeta's advanced migration engine to move large volumes of data and align that data with Marqeta's own standardized scale. As a result, customers have access to Marqeta’s advanced card management features and data analytics that can improve the cardholder experience. Portfolio Migration is a key component of Marqeta's program management capabilities, reducing the operational burden of migrating card programs to its platform. With Portfolio Migration, Marqeta proactively addresses and mitigates potential issues, allowing its customers to focus on what they do best, delivering exceptional user experiences that meet cardholder demands.

“Our new UX Toolkit and Portfolio Migrations engine represent the full strength of Marqeta, innovative new products shaped by our unmatched experience building and scaling card programs,” said Matt Sollie, SVP & GM of Card Program Management at Marqeta. “It’s never been easier to migrate a program to Marqeta, build out a best-in-class front-end payments experience and tap into the full benefits of our program management tools.”

Learn more about Marqeta’s program management capabilities here.

About Marqeta (NASDAQ: MQ)

Marqeta makes it possible for companies to build and embed financial services into their branded experience—and unlock new ways to grow their business and delight users. The Marqeta platform puts businesses in control of building financial solutions, enabling them to turn real-time data into personalized, optimized solutions for everything from consumer loyalty to capital efficiency. With compliance and security built-in, Marqeta’s platform has been proven at scale, processing more than $200 billion in annual payments volume in 2023. Marqeta is certified to operate in more than 40 countries worldwide and counting. Visit www.marqeta.com to learn more.

Forward-Looking Statements

This press release contains "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements expressed or implied in this press release include, but are not limited to, quotations and statements relating to changing consumer preferences; increasing consumer adoption of certain digital payment methods, products, and solutions; which payment, banking, and financial services products and solutions may succeed; technological and market trends; Marqeta’s business; Marqeta’s products and services; and statements made by Marqeta’s senior leadership. Actual results may differ materially from the expectations contained in these statements due to risks and uncertainties, including, but not limited to, the following: any factors creating issues with changes in domestic and international business, market, financial, political and legal conditions; and those risks and uncertainties included in the “Risk Factors” disclosed in Marqeta's Annual Report on Form 10-K, as may be updated from time to time in Marqeta’s periodic filings with the SEC, available at www.sec.gov and Marqeta’s website at http://investors.marqeta.com. The forward-looking statements in this press release are based on information available to Marqeta as of the date hereof. Marqeta disclaims any obligation to update any forward-looking statements, except as required by law.

View source version on businesswire.com: https://www.businesswire.com/news/home/20241022386371/en/

James Robinson

press@marqeta.com

Source: Marqeta

FAQ

What new products has Marqeta (MQ) introduced for card program management?

Marqeta has introduced two new products: UX Toolkit and Portfolio Migrations. These products aim to enhance card program management capabilities and improve user experiences for cardholders.

How does Marqeta's UX Toolkit benefit its customers?

Marqeta's UX Toolkit benefits customers by reducing front-end development time, providing pre-approved UI components and templates, and offering extensive customization options to create branded cardholder experiences quickly and efficiently.

What problem does Marqeta's Portfolio Migration service solve?

Marqeta's Portfolio Migration service solves the complexity of transferring card programs from other processors to Marqeta's platform. It ensures a smooth transition and seamless cardholder experience while reducing the operational burden for customers.

Which companies have already signed on to use Marqeta's new UX Toolkit?

Bold.org and Finfare have already signed on to use Marqeta's new UX Toolkit to integrate the features into their existing products and improve their customer experience.