Swipe is thrilled to announce its partnership with Marqeta, a payment unicorn. This partnership helps Swipe to launch a LendFi Visa Card, an instant digital platform to lend the balances.
The tweet made by Swipe gained limelight immediately after the post that read as “Swipe is thrilled to announce it has partnered with Marqeta, a payments unicorn, to launch LendFi, an instant Virtual Visa card in the United States that can be immediately tokenized and linked to Apple Pay & Google Pay built for real-time DeFi lending access powered by Swipe Issuing.”
You must be wondering what actually is the meaning of LendFi. Don’t worry, here is the answer to your query. Basically, it is a decentralized lending platform that virtually connects the borrower all the time or when required on their mobile phones.
It enables the borrowers to get a loan directly through the mobile application and then issues a digital card for temporary use till the time the physical card is provided.
On the other hand, Swipe’s blockchain lending system shall accept the loan for its user, allocate in their accounts, and then made available for further use immediately.
Joselito Lizaronndo, CEO of Swipe states “We are excited to work with the innovators over at Marqeta who help power our LendFi Visa Card. Borrowers will get access to an instant Visa card upon successful verification that immediately gives real-time access to their loan balances.”
The visa cards of LendFi is currently available for the borrowers in the United States to use their balances as per their requirements.
The borrowers just need to follow simple steps to have access to their accounts. At first, they must download the LendFi App, sign in, and then shall complete the identity verification process.
After the completion of the above requirements, an instant digital visa card is issued for free and can be tokenized immediately on Apple and Google Pay.
Further, the card owner can order a physical card and can also upgrade it to a Metal Card. Interestingly, cardholders can earn cashback up to 40% on their every purchase.
Point to be noted is that this app also provides a stablecoin aggregator where users can fix their various stable tokens backed and/or pegged to $1 USD to allocate on their cards.
About Marqeta:
Marqeta maintains a standard for issuing a modern card also provides the best infrastructure and tools required for building high-quality configurable payment cards.
Its open API offers innovators the most simple and interesting way to manage the payment system and experience world-class facilities. The headquarter of Marqeta is in Oakland California.
This is all for this bulletin. Stay tuned to get the latest update. Till then take stay healthy and keep investing.