Marqeta Unveils Credit Platform to Transform Brand Experience

The traditional era of brand loyalty and user engagement has shifted. The credit card is now seen as the potential launchpad for a brand’s digital journey. This is the core idea behind Marqeta’s newly launched credit platform which allows brands to design embedded credit cards.

A New Era in Brand Engagement

The relationship between brands and customers has evolved significantly. From billboards to newspapers, television ads to websites, and finally mobile apps - the connection has become increasingly personal. The latest shift has moved from pockets to wallets, with credit cards becoming a crucial part of a brand’s digital presence. If properly utilized, credit cards could serve as the new “homepage” of a brand’s digital experience.

Overcoming Legacy Limitations

Legacy credit card providers have a one-size-fits-all approach, offering identical rewards and incentives to all cardholders. Launching a new card requires a brand to collaborate with multiple vendors and can take at least a year. The lack of flexibility and customization in this model has led to what Marqeta’s CEO, Simon Khalaf, describes as the “PDF version” of financial services.

Marqeta’s Innovative Approach

Marqeta’s credit platform is designed to help brands engage with customers in a radically different way. It enables brands to control the customer experience and embed the card within their own brand, eliminating the need for cardholders to manage their cards via a bank’s website.

Marqeta’s 2023 State of Credit report revealed that half of the consumers surveyed in the US own a credit card affiliated with a brand and 62% of them consider themselves customers of the brand or store rather than the bank. The report suggests that brands should take full ownership of the customer experience from start to finish.

Personalized Rewards and Incentives

The platform includes a rewards engine that allows brands to craft personalized rewards and incentives to stimulate spending. Brands can also utilize data from each cardholder to establish spend controls tailored to individual needs. Commercial card programs have the option of various flexible funding models to manage their financial health and access capital more effectively.

The Power of Customized Rewards

Credit card rewards play a significant role in consumer behavior, with many users switching cards to maximize their benefits. The ability to personalize rewards and integrate them into shopping experiences can lead to increased adoption and loyalty. Marqeta’s research reveals that 74% of US consumers surveyed believe there is potential to personalize rewards based on individual spending habits.

The credit card is poised to become the new launchpad of the digital brand experience. Marqeta’s new credit platform aims to redefine the consumer experience and loyalty equation by allowing brands to offer rewards and benefits customized to each individual.