Marqeta has reached an agreement with Southern European BNPL provider Scalapay to use its platform to issue cards both online and in-store.
The firms have signed a five-year exclusive contract, where Marqeta will issue virtual cards for online and in-person transactions.
With more than 5000 stores and 7000 physical points of sale, Scalapay’s pay in installments products reaches more than five million users across Europe.
The Italian company can now tap Marqeta's Just-in-Time Funding feature so that once a customer is approved for their loan and completes a purchase, a virtual card is instantly created and funded for the exact amount.
This card can be immediately used for payments both online and in-store through a digital wallet and via the existing checkout or POS.
Todd Pollak, chief revenue officer, Marqeta, says: “We’ve seen customer demand for flexible payments continue to grow, and we’re proud to power Scalapay as they create more seamless shopping experiences for their users and help their merchants increase adoption.
“As more companies embrace new checkout options, we’re well-positioned to continue our momentum in Europe and work closely with our customers to deliver high-quality, innovative payments offerings.”