SPECIALIST INSIGHT
a Google search , or an app they have on their phone , and that ’ s the homepage . But if people start thinking that a payment experience , which can be tapping , swiping or digitally doing something , is the homepage of your brand , that ’ s when FinTech innovation is going to become even bigger , allowing nearly any brand to embed financial experiences into their solutions .
Marqeta has been instrumental in driving payment innovation through its open API platform . Can you discuss some key initiatives Marqeta has undertaken to support its partners like Klarna , Lydia and Raiffeisen Digital Bank ?
Marqeta ’ s partnership with Klarna is a great example of what our open API card issuing platform can support . Klarna uses our platform to issue the Klarna Card , enabling customers in the US to pay anywhere using Klarna ’ s ‘ Pay in 4 ’ solution . This means they can instantly onboard accounts , issue physical and virtual cards , and push to digital wallets so users can spend immediately upon credit approval .
With Lydia , a French peer-to-peer payments app , we support their ability to quickly issue millions of virtual cards to users via digital wallets . We work with Raiffeisen Centrobank to enable their customers in Poland and Romania to leverage a modern , comprehensive banking experience with streamlined digital accounts and debit cards .
With your extensive experience , what trends or developments do you find most exciting or disruptive in the FinTech industry currently ?
I ’ m excited about the trend towards Accelerated Wage Access ( AWA ), which enables people to get paid as soon as they ’ ve worked , instead of waiting until the next pay or invoicing period . AWA currently accounts for about 3 % of our processing volume , which is about US $ 7 billion of pay that is running through Marqeta ’ s channels . I think this number is likely to grow , as shifts continue to take place which impact the very nature of work . For example , rising inflation , demand for gig work increasing and changes in how people access credit .
How do you envision the future of FinTech evolving , particularly concerning embedded finance , AI and personalisation ?
Embedded finance is going to continue to dominate FinTech , and almost every other industry . We are seeing massive consumer demand for embedded mobile apps , co-branded credit cards and integrated BNPL solutions from nontraditional providers . As this continues ,
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