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Chase to Launch Virtual Credit Cards in 2021

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Chase to Launch Virtual Credit Cards in 2021

Chase currently leads all credit card issuers with 92 million physical cards in circulation. Now it will look to add virtual cards to its portfolio, in partnership with Bay Area start-up Marqeta. The new digital-only cards will be immediately available for use in mobile wallets such as Apple Pay or Samsung Pay, without needing a physical version of the card.

Using a card right away is actually an option already even for physical Chase credit cards. You can add Chase cards to your digital wallet and start using it to pay in stores, online and in merchant apps as soon as you are approved for a new card. There’s no need to have the physical card in hand, or the credit card number itself. You can use this option to add your new Chase card to Apple Pay, Samsung Pay, Google Pay and even PayPal by adding it to Chase Pay first.

The new digital-only credit card option will become available in 2021 and initially will be for commercial cards only. It’s not clear if the bank plans to expand it to consumer cards, CNBC reports.

Marqeta already provides similar services for DoorDash and Instacart, which issue virtual cards to their workers to pay for groceries or takeout orders in person. Square also uses Marqeta for its virtual debit card launched through Square Cash and for a plastic debit card launched this year. Marqeta takes a percentage from transactions and some other fees, similar to other payment processing networks like Mastercard and Visa.

Disclosure: Miles to Memories has partnered with CardRatings for our coverage of credit card products. Miles to Memories and CardRatings may receive a commission from card issuers.

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DDG
DDGhttp://dannydealguru.com
Based in NYC. Points/miles enthusiast for years and actively writing about it for the last 6+ years at Danny the Deal Guru. I'm always looking out for deals. Making a few bucks is always nice, but the traveling is by far the best part of this business.

Responses are not provided or commissioned by the bank advertiser. Responses have not been reviewed, approved or otherwise endorsed by the bank advertiser. It is not the bank advertiser's responsibility to ensure all posts and/or questions are answered.

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At Miles to Memories we share the best tips, tricks and deals plus travel rants, musings, hotel, airline and loyalty program reviews and a lot more! Our goal is to help people save money so they can get out there and travel the world! Through our various blog posts, podcasts & videos we teach others how to maximize loyalty rewards, hotel & airline programs and credit cards to achieve amazing things.

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