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The Marqeta card issuance platform provides FinTech Figure with technology that will allow users of the Figure Pay product to decide at cash registers whether they want to spend their own money or use the buy now, pay later financing (BNPL ).
Figure Pay is available in 26 U.S. states and will eventually be available nationwide, Oakland-based Marqeta said in a Press release. The service, which uses the Provenance Blockchain payment infrastructure, appears to be aimed at people without low credit capacity, often referred to as thin-file customers. Figure maintains that the service will be faster and cheaper for merchants than alternative payment systems.
According to Marqeta, the features of Figure Pay include a free deposit account, “seamless money transfer to friends and family”, a rewards program, and free use of 55,000 ATMs. Notably, the product also includes a built-in BNPL option that customers can select while shopping.
“Figure’s philosophy as a company, reinventing the core financial services infrastructure and layering products that better match new consumer demands and expectations, is something that resonates strongly with us at Marqeta, and we are thrilled. that they have chosen our modern card issuing platform to supply Figure Pay â€, Darren mowry, director of recipes for Marqeta, said in a prepared statement. “The combination of Figure Pay’s digital money management with the buy now, pay later functionality is a pioneering application of this technology. “
Depending on the companies’ agreement, Figure will manage transaction authorizations, a flexibility that will allow Figure Pay users to decide at the point of sale whether they want to make their purchases as traditional debit card transactions or through the option. POS.
Marqeta said in the announcement that there had been “an increase in buy now, pay later through its platform, with net income up 350% year over year to second. quarter 2021 “.
“We had a very specific vision for Figure Pay, creating a new payment tool where people could have end-to-end management of their money and the ability to have total flexibility at the point of sale on how to finance. a purchase ” Tony Morosini, head of banking and payments at Figure, said in the announcement. “Marqeta’s modern technology played a vital role in achieving this goal and they were true partners, working with us every step of the way to help us create a product that matched our vision. “
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NEW PYMNTS DATA: TODAY’S SELF-SERVICE PURCHASE JOURNEY – SEPTEMBER 2021
On: Eighty percent of consumers want to use non-traditional payment options like self-service, but only 35 percent were able to use them for their most recent purchases. Today’s Self-Service Shopping Journey, a PYMNTS and Toshiba Collaboration, analyzes more than 2,500 responses to find out how merchants can address availability and perception issues to meet demand for self-service kiosks.
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