Mastercard, a New York-based multinational financial services corporation, as per recent reports, has announced acquiring Vyze, an Austin, Texas-based leading fintech service provider that caters to retailers and manufacturers with its flexible and convenient financing options.
The Vyze platform, connecting merchants with multiple lenders, allows for multiple credit options both online and in-store.
“Both consumers and businesses want the best choice and service, exactly when they need it,” states 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.”
The Texas-based Vyze’s financing approval rates, as per reports, are at a staggering 90%, with several top retailers in the US onboarding the Vyze platform for special financing options. With this obvious no-brainer deal, Mastercard expects to bring in the same level of flexibility and functionality to customers in additional markets.
Furthermore, Mastercard is also grabbing a lot of attention with its new Pay by Bank (PbBa) feature. The UK-based payment firm – ai Corporation, as per reports, has enabled the PbBa feature as an additional payment option on its ai Gateway.
PbBa, an original creation of Vocalink, a Mastercard company, leverages the banking app stored consumer information to process payments, thus eliminating the need to remember or look out for a separate PIN, password or card number.