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Marqeta's Vidya Peters on the evolution of consumer behavior and payment trends
The new wave of digital transactions that gained momentum as the pandemic brought the world to a standstill, is cementing – and it requires upgraded payment solutions that use cash substitutes disruptive to traditional banking systems. This means leveraging new technology for debit cards, credit cards, prepaid cards, tokenized cards, electronic funds transfers, BNPL options, internet banking, and e-commerce payment systems.
Tearsheet's Sara Khairi spoke with Marqeta's COO Vidya Peters about how e-commerce has changed customer spending habits and purchase patterns as a consequence of Covid-19, what Marqeta is doing differently in payments, and what's next in the evolution of the payments landscape.
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Today's stories
What Klarna’s plummeting valuation means for BNPL’s future
Klarna has lost about 85% of its valuation in a year, while its main competitor, Affirm, has seen its stock value plunge. Both developments could portend a big shift in the once-scorching BNPL market (The Financial Brand)
Half a trillion dollars wiped from once high-flying fintechs
Concerns about rising interest rates, lack of profits, and untested business models as the economy enters a potential recession have put fintech firms at the sharp end of this year’s sell-off (FT)
WebBank invests $250 million in Avant to support credit card program
The investment will be used to support the growth of the Avant Credit Card issued by WebBank (IBS intelligence)
Fintech continues to account for a significant share of global funding
In 2021, an estimated 21% of all venture deals involved fintech -- in the second quarter of 2022, investment into fintech startups wasn’t too far behind, signaling that while fewer dollars are being invested generally, fintech is still attracting serious investor interest (TechCrunch)
Debt plagues young people despite China’s scrutiny of fintech microloans
As Beijing’s tough stance on online credit persuaded big tech firms to scale back their services, smaller platforms have proliferated -- the government can't stamp out all of them because many are flying under the radar (South China Morning Post)
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