Uber taps Marqeta to support global payment projects
Virtual card company Marqeta will provide the platform to underpin Uber Eats' global growth and become the issuing partner for future Uber initiatives.
The arrangement also allows Uber drivers a way to more easily pay for food, and streamline vendor integrations. Marqeta, which recently bolstered its open banking technology, says its card issuing technology will support Uber's ecosystem of apps and the more than 100 million monthly global users that access the ride sharing company.
“A rapid digital transformation is upending everything from how we eat, to how we navigate our cities," Jennifer Vescio, global head of business development at Uber, said in a Tuesday press release. "As Uber looks to build out a global ecosystem that our users can rely on in all facets of their lives, it was clear we needed a sophisticated card issuing and payments processing partner to reach our true potential.”
Uber Eats drivers are issued a Marqeta-powered card that carries a $0 balance. When the driver pays for an order, they swipe the card and if the order details are correct the card is funded and the transaction is approved.
Uber Eats is now live with Marqeta in the U.S., with European expansion eyed for the future. Following this initial use case, Marqeta and Uber plan to continue their partnership into new verticals and geographies. Earlier this year, Mastercard certified Marqeta as a digital card issuer in Europe to help the card brand boost service for banks to more quickly issue digital cards.“From our earliest conversations with Marqeta we could see that its modern card issuing platform would be a crucial building block for Uber in executing the future," Vescio said. "Their single global platform aligns perfectly with Uber’s global scale, and their team is the strongest we’ve seen in the industry."
Marqeta’s tech will help Uber provide one central payment experience across multiple modes of transit, and help Uber create new efficiencies for Eats.
“Marqeta’s card issuing platform was designed to meet the needs of product-led innovators and disruptors who would never be satisfied with out-of-the-box, legacy solutions,” Jason Gardner, Marqeta founder and CEO, said in the release. “Uber is one of the most innovative companies of the last decade and has a track record of creating magical payment experiences. We’re excited to set out with them on a new global partnership and bring new innovations to market that all of their users can benefit from.”