MeaWallet, a digital payments company, has announced its partnership with Toqio, a technology platform focused on B2B Embedded Finance solutions.
The collaboration aims to improve digital card services for corporate clients in the UK and Spain, and it allows Toqio to expand its tokenization services and integrate push provisioning technology into its card offerings. As a result, corporate clients in these regions can now provide their customers with Apple Pay and Google Pay-compatible digital cards.
The introduction of these digital cards is expected to simplify card usage for both Toqio’s clients and their end users. Research from Mobile Payments Today indicates that businesses offering mobile wallets such as Google Pay and Apple Pay experience a 20% higher conversion rate than those that don’t.
In the UK, mobile wallet transactions accounted for 38% of online payments last year, amounting to around GBP 259 billion. This figure is projected to rise to 50% by 2027. Meanwhile, in Spain, the digital wallet market is forecasted to grow at a compound annual growth rate (CAGR) of 31.32%, reaching over GBP 42 billion by 2028.
This collaboration follows Toqio’s recent partnership with Visa, which allows corporate clients to issue Visa commercial cards directly from its platform.
In the company press release, officials from Toqio, highlighted that the company aims to provide corporates with the financial tools necessary for growth. They expressed optimism about the partnership with MeaWallet, seeing it as an opportunity for innovation and improved operations for clients and users.
In turn, representatives from MeaWallet noted that the partnership aligns with MeaWallet’s goal of making digital payments more accessible and secure. They emphasised the benefits of their technology in providing a seamless payment experience for users.
