Mastercard acquires PoS financing firm Vyze
Written by Peter Walker
Mastercard has acquired point of sale (PoS) technology platform Vyze, as part of a move into checkout financing.
A statement explained that increasingly, consumers are seeking alternative financing options when purchasing goods, citing Accenture research suggesting that in the US alone, such solutions represent a more than $1.8 trillion opportunity.
Vyze connects 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 moment of purchase, complementing Mastercard’s existing card and Automated Clearing House (ACH) solutions.
Blake Rosenthal, executive vice president of global acceptance at Mastercard, commented: “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.”
Through the acquisition, Mastercard will become a more strategic partner to both lenders and merchants, while Vyze’s technology allows lenders and merchants to “integrate once and innovate forever” through the use of Application Programming Interfaces (APIs).
Terms of the agreement were not disclosed.