Mastercard announced the acquisition of Vyze
Mastercard today announced it has acquired Vyze, a technology platform that delivers more choice – and purchasing power – to people who want their point-of-sale payment options to match the flexibility and convenience of today’s shopping experiences.
Increasingly, consumers are seeking alternative financing options, leaving merchants and financial institutions with a need to deliver these services at the point of sale. In the U.S. alone, these solutions represent a more than $1.8 trillion opportunity, according to Accenture.
Vyze shakes up traditional models by connecting merchants with multiple lenders, allowing them to offer their customers a wide range of credit options online and in-store. These financing options provide shoppers with additional payment flexibility at the exact moment of purchase, complementing Mastercard’s existing card and ACH-based solutions.
Through this acquisition, Mastercard becomes a more strategic partner to both lenders and merchants. Vyze’s proven technology facilitates lending options to merchants’ customers, delivering a better shopping experience through financing approval rates up to 90% that are well above the industry average.
The end-to-end Vyze platform allows lenders and merchants to “integrate once and innovate forever” through the simple use of APIs. Previously, managing and maintaining a range of consumer payment and financing options would require significant time and investment.
Terms of the agreement were not disclosed.
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