Mastercard will provide retailers more flexibility in accepting payments through a new acquisition.
Mastercard has purchased Vyze, a cloud-based retail financing platform. Vyze connects retailers with multiple lenders, allowing them to offer customers a wider range of credit options online and in-store. These financing mechanisms provide shoppers with additional payment methods at the moment of purchase.
The end-to-end Vyze platform allows lenders and merchants to integrate through the use of application programming interfaces (APIs), reducing the time and cost associated with managing and maintaining consumer payment and financing options. According to Mastercard, Vyze offers financing approval rates up to 90%, above the industry average.
“Both consumers and businesses want the best choice and service, exactly when they need it,” said Blake Rosenthal, executive VP of global acceptance at Mastercard. “Vyze adds to our ability to empower banks and other lending partners to participate in the growing trend of retail financing. The combination of their platform with our technology and network complements our existing payments programs.”
“Mastercard has a long history of building an incredibly powerful network, connecting some of the world’s most influential financial institutions, merchants and innovators,” said Keith Nealon, CEO of Vyze. “With their relationships and scale, we see a great opportunity to reach exponentially more partners and consumers.”
Terms of the agreement were not disclosed.