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Marqeta Chosen by Citi Commercial Cards for Tokenization-As-A-Service

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By Sam Boughedda

Investing.com -- Marqeta Inc (NASDAQ:MQ) is up Wednesday after it was revealed Citi Commercial Cards (NYSE:C) has selected its tokenization-as-a-service capabilities to facilitate the provisioning of cards into mobile wallets.

The deal will enable Citi cardholders to provision corporate plastic cards and virtual cards into mobile wallets.

The pandemic accelerated the use of digital payments and various digital payment platforms. As a result, the mobile wallet market has also grown. According to data from Trading Platforms, digital or mobile wallet payments were the most used point of sale payment method globally in 2020.

“We’re proud to work with a leading global financial services company like Citi to offer our innovative tokenization technology and services to their clients,” said Jason Gardner, Founder and CEO of Marqeta. “Having immediate access to secure contactless payment options is critical for businesses today."

Marqeta shares gained more than 8% on the news, hitting a high of $10.58. However, a significant sell-off since October has seen its stock decline 60% in the last six months.

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