In a bid to simplify the checkout process, Marqeta said merchants can now let users make digital wallet payments without downloading another app.
According to a Thursday (Jan. 19) press release from the global card issuing platform, the company’s new web push provisioning product removes a common pain point by eliminating the need for consumers to download an app in order to complete a transaction.
“Growing familiarity with digital wallets created demand for a solution that enables Marqeta customers to quickly and easily provision virtual cards and digital wallet tokens from the web for use with both Apple Pay and Google Pay,” Marqeta Chief Product Officer Simon Khalaf said in the release . “Our web push provisioning product meets that need and helps enable our customers to deliver a streamlined checkout experience to their users.”
PYMNTS research has found digital wallets to be the most popular alternative purchasing method for US shoppers.
Fifty-nine percent of consumers who tried a new payment option in the past year used a digital wallet, and nearly two-thirds of shoppers incorporated digital wallets as a regular form of payment in the past year, according to “New Payment Options: Why Consumers are Trying Digital Wallets,” a PYMNTS and Nuvei collaboration.
The most-cited reason for the choice of digital wallets as a payment method was ease of use, the report found.
At the same time, 55% of shoppers say checkout friction is frustrating enough for them to quit a purchase mid-process.
As consumers get choosier about where they spend their money and become less tolerant of pain points while shopping, it is critical for merchants to minimize checkout friction, according to “Payments and Credentials Vaults: Gauging Consumer Interest,” a PYMNTS and FIS collaboration.
Marqeta’s new web push provisioning product was built in partnership with digital wallet providers Apple and Google. It is currently offered in beta and is to be made generally available later this year, according to the press release.
Other potential use cases for the new Marqeta product include enabling airlines to push a card to stranded passengers or allowing insurance companies to instantly provide a card to affected customers, Khalef said in the release.
“We’ve been at the forefront of leadership in tokenization for years, and offering web push provisioning is the next step to providing our customers a more seamless and flexible experience for their users,” Khalef said.
PYMNTS Date: Why Consumers Are Trying Digital Wallets
A PYMNTS study, “New Payments Options: Why Consumers Are Trying Digital Wallets” finds that 52% of US consumers tried out a new payment method in 2022, with many choosing to give digital wallets a try for the first time.