US-based modern card issuing platform, Marqeta , has announced the launch of a new web push provisioning product that sets to expand the company’s payment card tokenization capabilities. Marqueta’s web push provisioning allows its customers to reduce friction at point-of-sale and enable users to pay directly via their mobile wallets, without requiring a previous download of a mobile app.

The capability was designed to better address the problem of friction, a common pain point for end users who often enough must fill their mobile devices with a series of seldom used apps to complete a transaction. Aside from friction, the problem also has a negative impact on conversion rates for merchants, while adding strains on the overall customer experience. The card issuing platform is one of the first companies in its field to launch instant issuance capabilities, and the new web push provisioning will continue to provide an industry advantage against competitors.

The product is currently offered in its Beta version but a general availability version should be available in the following months of 2023. The future of digital payments – digital wallets Digital wallet usage was on the rise in the past few years, with global digital wallet transaction values expected to grow by 60% before 2026, according to data from Juniper Research. Moreover, consumer adoption has also accelerated, with 71% of US customers claiming to use a mobile wallet at least once in the past 12 months, as opposed to only 64% in late 2020.

However, same studies show that more than 75% of the consumers surveyed abandoned their carts at checkout if they had to download a mobile app to use a service. Tokenization from a mobile web browser can potentially solve the problem, as it allows customers to pay directly from their digital wallets, without having to undergo additional steps at the checkout. A tailored tokenization portfolio Marqeta’s tokenization portfolio is flexible and adjustable according to the needs of card issuers who are looking to drive enhanced business results across a wide range of card programmes through tokenization.

Its capabilities include an in-app, card on file, and manual solutions aimed to boost Tokenization-as-a-Service for important brands, including JPMorgan Chase, Citi, and Bread Financial. Marqeta’s web push provisioning system was built in partnership with digital wallet providers Google and Apple, which helps both giant IT tech companies to increase their market share and contribute to a larger acceptance of digital payment methods worldwide. .