The payments ecosystem is rapidly evolving. Jeff Parker, senior vice president and managing director of International at Marqeta, picks out three key areas, to offer a glimpse of the future of payments
Jeff Parker, senior vice president and managing director of international at Marqeta, is taking to the stage at Money20/20 Europe today to discuss how implementing the newest embedded finance use-cases into a roadmap can increase customer acquisition and bolster retention, while delivering a meaningful financial lifeline to consumers at a time they need it most.
FinTech Intel spoke to Parker before his keynote session, How Embedded Finance Can Help Solve the Cost-of-Living Crisis, about Marqeta, the future of payments and catching up with friends at Money20/20.
Can you tell me about Marqeta and what it offers?
Marqeta is a fintech company that has created a category for modern card issuing and processing.
We provide infrastructure for businesses to build debit, pre-paid and credit card programmes quickly, taking the complexity and time out of card processes by using APIs to create a new payment product or streamline supplier and workforce payments.
We work with some of the world’s most innovative brands across on-demand delivery, expense management, digital banking and more on our platform, including Uber, Klarna, and Instacart, to name just a few.
What does your role involve?
Marqeta was founded in the US and is now rapidly expanding overseas and currently certified to operate in 40 markets.
I am responsible for building Marqeta’s go-to-market and operational functions internationally and advancing the company’s service offerings in its key markets across Europe and APAC.
My main aim is to expand our global operation by facilitating partnerships and combining the power of people and technology to ultimately deliver world-class experiences in the payments space.
What do you think the future of payments will look like?
At Marqeta, we could talk about this all day, and due to the rapid and continual innovation in the payments ecosystem, would probably come up with a different answer.
But, here’s three key trends.
First, embedded Finance. As the demand for digital financial services continues to grow, embedded finance will play an increasingly vital role in the financial services industry.
Thanks to open APIs, businesses can partner with fintechs to integrate financial services into everyday apps or ecommerce platforms to offer a more convenient and streamlined experience and enable consumers to take control over their finances.
Second, digital ubiquity. There is more choice than ever before in how to pay for things, and this is increasingly digital.
Mobile and digital wallets now store payment cards, allowing contactless payments to be made using a smart device and virtual cards can be used for online transactions without necessarily needing a physical card.
We’ve also seen continued demand for digital banks as consumers increasingly value accessing a full range of banking services from a mobile app.
And third, buy now, pay later (BNPL). In recent times, consumer desire for a seamless payments experience and challenges associated with increasing inflation and cost of living has transitioned into demand for ‘instant credit’.
As a result, we’re seeing BNPL finance move from being a differentiator to an essential element of the customer experience mix.
We also expect to see BNPL providers offer more to consumers, such as additional financial services and helping them to build credit.
What brings you to Money 20/20?
I’m always keen to attend events with innovators and disruptors from across the industry, as this drives connections and conversations about the future of our industry.
You can’t exist in a bubble, and it’s important to take a step back and examine the world of payments if you want to continue being flexible, adaptable, and innovative.
I look forward to discussing all things fintech for three days with my amazing colleagues and other bright minds from across the financial industry.
I hope to head home with some solid new connections and a whole host of new ideas to explore. Of course, the parties don’t hurt either!
What are you looking forward to most at the event?
Catching up with friends is key, it’s the only event where everyone you know in fintech is in the same location at the same time.
Outside of that, I’m looking forward to giving my keynote and representing Marqeta as I discuss How Embedded Finance Can Help Solve the Cost-of-Living Crisis.
Rising inflation and interest rates have led to tough economic times for many consumers.
Embedded finance, I believe, will play a critical role while providing a meaningful financial lifeline to consumers at this critical time.