Say Goodbye to Prepaid Card Problems with the Marqeta & Stables Partnership

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The new Stables prepaid card will use Marqeta’s technology to allow users to change stablecoins into fiat currency and use it for online and in-store purchases worldwide wherever Mastercard cards are accepted.

Marqeta (NASDAQ: MQ), a platform that issues modern cards worldwide, revealed their new collaboration with Stables (previously known as Tiiik). The partnership will enable Stables, based in Sydney, Australia, to launch a Mastercard prepaid card.

Stables is a digital wallet that lets users spend, send, and earn stablecoins, all on a single balance. Through Marqeta’s robust spending controls and Just-in-Time funding capabilities, 

Stables customers will now have the ability to convert their stablecoins to fiat and spend the funds on Mastercard cards that are recognised globally, in-store and online.

Marqeta’s 2022 Consumer Money Movement survey says that about 30% of surveyed Australians reported owning cryptocurrency, while 93% of global consumers viewed it as an asset. The survey also revealed that many consumers are interested in using their cryptocurrency holdings for transactions, with 82% globally indicating interest in a debit card from their cryptocurrency exchange that would allow them to spend cryptocurrency like regular currency.

The survey revealed that Australian consumers use mobile wallets, cryptocurrency, and other digital payment options more frequently than consumers in the US and UK. Australia has been focused on contactless payments long before the pandemic, making it a global leader in advancing digital transformation in the post-pandemic era.

“Australia has a track record of being among the first to adopt new technologies that appeal to consumers, and the APAC region is currently seeing an increase in the adoption of crypto payments, which is a good example of the next wave of innovation,” said Duncan Currie, Country Manager for Australia and New Zealand, Marqeta. 

“We have partnered with Stables and Mastercard to use our APIs that will enable them to offer more flexible payment options to their customers, and we are proud of the collaboration.”

Marqeta’s Just-in-Time Funding feature enables Stables to create card products from a user’s stablecoin wallet. This allows users to purchase based on their stablecoin balance at the point of sale while funding transactions are made in fiat currency. 

Thanks to Marqeta’s open APIs and dynamic spend controls, Stables can easily integrate with other apps and offer real-time notifications and monitoring through webhooks, providing transparency and visibility to customers.

“Stables aims to enhance the potential of stablecoins, enabling individuals to have greater options and freedom regarding their payment preferences,” said Stables co-founder & CEO Erez Rachamim.

“We are excited to partner with Marqeta to create a card that makes everyday purchases easier in response to the rising popularity of digital assets.”

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