The news: Marqeta CEO Mike Milotich said that the company will facilitate “little to no new issuance” of Block’s Cash App card by the end of the year, per the company’s earnings call. 

As the firm searches for new volume and revenue, buy now, pay later (BNPL); expense management; and multinational card issuing are becoming the backbone of Marqeta’s business, per its Q2 2026 earnings.

• TPV for expense management grew more than 50% YoY.
• TPV for lending/BNPL grew over 40% YoY.
• And international payment volume grew over 40% YoY—now accounting for 20% of total TPV.

How we got here: As Marqeta deals with the fallout of its renegotiated contract with Block, the issuer-processor has been looking for new footholds for growth. The share of revenues from Block was down to 41% YoY, down from 46% in Q2 2025 and 42% the prior quarter.

Milotich said that Marqeta’s Cash App Card issuance started declining in late Q2. However, he stressed that the company still has “an extensive existing Cash App card user base that’s on our platform” and that it was working with Block on new programs. 

Implications for payment providers: As Marqeta plans for no new Cash App Card issuance in its portfolio, other payment providers need to evaluate their partnership diversity and lean into value-added services to insulate against one company’s ability to disrupt growth. 

Offering features that appeal to young consumers, like flexible credentials and rewards on debit cards, can help earn loyalty from partners trying to secure more Gen Zers and millennials. 

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