Perpay is Migrating Its Credit Card to the Marqeta Platform to Meet the Needs of More Customers

Perpay will migrate its credit card to the card-issuing Marqeta platform to help “meet its goal of enabling customers to get the most out of every paycheck”, according to a press release on the partnership.

Perpay’s unsecured credit card allows consumers to harness the power of their paycheck. Perpay customers can set funds from their paycheck to be applied to their Perpay card balance. When customers enroll in Perpay+ and meet certain conditions, the company reports their payments to Equifax, Experian, and TransUnion to help build their credit.

Perpay was looking to expand its offering to create richer user experiences and reach more potential customers, according to the release. The company will be able to scale its card program through Marqeta’s platform and retain access to customer insights that can help Perpay best serve its cardholders.

Perpay’s desire to grow isn’t a new one. Arik Misler, the company’s Chief Technology Officer, said last year that the company is “always growing”.

Founded in 2017, Perpay initially focused its business model on helping consumers finance significant acquisitions made through the company’s online marketplace.

Perpay has since broadened its mission by helping consumers become financially healthy through the use of its solutions including the Perpay Credit Card.

“Perpay is on a mission to help people access vital spending power and build credit, and we needed an issuing partner who could keep pace,” Chris DiMarco, Perpay’s Founder and Chief Executive Officer, said in the release.

In Marqeta, Perpay appears to have found the partner it was searching for. DiMarco added that Perpay’s work with Marqeta will allow the company to give its customers “the flexibility they deserve.”

Marqeta helps companies create branded card programs suitable for consumer and business cardholders. The company enables its partners to increase customer loyalty by offering rewards capabilities that issuers can personalize for their cardholders. Marqeta’s system will allow Perpay to boost its rewards program.

Rewards can be a strong incentive for customers to use their credit card. A recent survey conducted on behalf of the American Bankers Association revealed that 80% of survey respondents own at least one rewards credit card. And 91% of respondents value the rewards benefits their credit card issuers offer.

A recent survey indicated that 8 out of 10 respondents own at least one rewards credit card.

Perpay will be able to issue virtual cards instantly through Marqeta’s platform and access information on how customers are using their cards. Perpay can use insights they glean from cardholder spend data to provide customers with resources to better manage their finances.

In a competitive marketplace, credit card issuers who deliver specialized features that cardholders seek can set themselves apart from the crowd.

“The Perpay Credit Card stands out as a noteworthy example of how Marqeta makes it possible to meticulously craft a credit card to meet consumer needs,” Todd Pollak, Marqeta’s Chief Revenue Officer, said in the release.

“By tapping into the full potential of our credit platform, Perpay is able to customize its credit card experience and expand its offering to deliver greater value to its customers,” he added.