JPMorgan Chase and Marqeta to launch ‘virtual’ credit cards

JPMorgan Chase will soon produce a virtual credit card that you can use with mobile wallets like Apple Pay and Samsung Pay.

Its the same technology used by DoorDash and Instacart, both of which utilize virtual cards during the delivery process.

The tech, developed by Marqeta promises to be “another way another way of getting virtual company cards into the hands of those who need them very quickly,” says John Skinner, head of commercial cards at JPMorgan.

He went on to say, “We know there’s a need for this product — what Covid has taught us is that there’s more use cases for this than we imagined.” 

Marqeta raised $150 million from an undisclosed investor in May, and currently has a valuation of $4.3 billion. Goldman Sachs, Visa Ventures, and PayPal alumni Max Levchin. 

For now, its not certain if this new feature will roll out to debit card owners. For now, users can activate a chase debit card or credit card the old fashion way using a physical card.


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