Cards draw customers, Marqeta CEO says

Physical and virtual payment cards are becoming the primary tool for driving customer loyalty and repeat business. Marqeta CEO Mike Milotich highlights that businesses are moving away from simple one-time transactions. Instead, they are launching branded payment cards to keep their brand front-and-center in the customer's wallet. For retailers, this shift is about more than just processing payments. It is about creating a 'sticky' ecosystem where financing and loyalty are integrated into a single card experience. The industry is seeing a major push toward embedded finance. This allows non-financial companies to offer their own credit, debit, or Buy Now, Pay Later (BNPL) products. The goal is to capture more data on how customers spend their money. By owning the card relationship, you can offer personalized rewards and financing terms that competitors cannot match. This trend is especially important for high-ticket industries like home improvement or automotive, where a dedicated line of credit can ensure the customer returns for future service or upgrades. While digital wallets are growing, the physical or virtual 'card' remains the most effective way to engage a customer long-term.

Source: Banking Dive

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