Mastercard is moving into the POS financing space with the acquisition of installment payments platform Vyze.Vyze connects merchants with multiple lenders, allowing them to offer their customers a wide range of credit options online and in-store at the point of purchase. The platform provides merchants with simple APIs to reroute credit requests to customer banks.
The buy-now-pay-later market is currently being driven by a host of non-bank fintech startups. Figures from Accenture estimate that in the US alone, banks could be missing out on a $1.8 trillion opportunity.
Blake Rosenthal, executive vice president 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.”
Terms of the agreement were not disclosed.