The retail sector is witnessing a significant shift towards e-commerce, which has been accelerated by the ongoing pandemic.

To adapt to this digital transformation, retailers are investing heavily in improving their online customer experience and payment processes.

Marqeta, the global modern card issuing platform, has recently announced partnerships with two customers in the retail space, Extend and Financeit, to enhance customer loyalty and deliver seamless experiences.

Enhancing customer loyalty and efficiency

Extend, a leading provider of technology-enabled product protection, has collaborated with Marqeta to streamline the replacement process for customers.

 This partnership offers consumers a virtual card issued instantly after a claim is approved.

This virtual card covers the replacement cost for products lost, damaged, or stolen during shipment, as well as products that are accidentally damaged or stop working.

Extend Co-Founder and CEO Rohan Shah highlighted the advantages of this solution, stating that it allows them to automate issue resolution with their merchants and consumers.

The technology enables them to process 98% of customer claims within 90 seconds, providing a quick and efficient service.

Financeit, on the other hand, partners with Marqeta to provide point-of-sale financing for the home improvement sector in Canada. This collaboration empowers retailers to offer customers financing options for various home improvement projects up to a value of $50,000.

By leveraging Marqeta's platform, Financeit can deliver a flexible and mobile-friendly solution, ultimately boosting sales for retailers and providing a premium experience for customers seeking to finance large projects.