Why Are Marqeta Shares Trading Higher Today?

Card issuing platform Marqeta Inc (NASDAQ:MQ), payments leader Mastercard Inc (NYSE:MA), and marketplace payment engine Paycast (an SPG company) have collaborated to launch a digital card product.
Marqeta supports Paycast with its open API platform, enabling digital builders like Paycast to create modern financial products with control and speed.
Paycast will leverage Marqeta’s virtual card functionality, helping Paycast customers to participate in the authorization process, and support anti-fraud measures.
Marqeta and Mastercard provided strategic funding to SPG to enhance the Paycast proposition.
Mastercard will help use virtual cards on its global card network, providing industry and functional expertise.
Price Action: MQ shares traded higher by 9.48% at $22.41 on the last check Wednesday.