Mastercard (NYSE: MA) announced on Tuesday 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. Mastercard reported:
“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.”
Mastercard also revealed that through the acquisition, it becomes a more strategic partner to both lenders and merchants, delivering a checkout experience that adds to Mastercard’s best-in-class security and convenience.
“Vyze’s proven technology better facilitates lending options to merchants’ customers, delivering a better shopping experience through financing approval rates up to 90 percent that are well above the industry average.”
Speaking about the acquisition, Blake Rosenthal, Executive Vice President of Global Acceptance at Mastercard, stated:
“Both consumers and businesses want the best choice and service, exactly when they need it. 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.”
Keith Nealon, CEO of Vyze, added:
“Mastercard has a long history of building an incredibly powerful network, connecting some of the world’s most influential financial institutions, merchants and innovators. With their relationships and scale, we see a great opportunity to reach exponentially more partners and consumers.”