Mastercard Redefines Choice at Checkout with Acquisition of Vyze
April 16 2019 - 6:00AM
Business Wire
New Installment Offering Adds Value to
Merchants and Issuers, Boosts Consumer Purchasing Power
Mastercard (NYSE: MA) today announced 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.
Increasingly, consumers are seeking alternative financing
options,1 leaving merchants and financial institutions with a need
to deliver these services at the point of sale. In the U.S. alone,
these solutions represent a more than $1.8 trillion opportunity,
according to Accenture.
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.
“Both consumers and businesses want the best choice and service,
exactly when they need it,” said 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.”
Through this acquisition, Mastercard 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.
The end-to-end Vyze platform allows lenders and merchants to
“integrate once and innovate forever” through the simple use of
APIs. Previously, managing and maintaining a range of consumer
payment and financing options would require significant time and
investment.
“Shoppers looking for new ways to pay and merchants looking to
sell higher ticket items and deter abandonments has driven a flurry
of activity in the ‘Buy Now, Pay Later’ market,” said Raymond
Pucci, director of merchant services practice at Mercator Advisory
Group. “This acquisition creates a new market making approach that
supports operation at scale, helping banks offer and merchants shop
for the terms that best fit their needs. Mastercard’s existing
relationships will assure both take a serious look at this new
solution.”
Several top U.S. retailers work with Vyze for special financing
options. This proven track record will be used to bring the same
functionality to customers in additional markets.
“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.
About Mastercard
Mastercard (NYSE: MA), www.mastercard.com, is a
technology company in the global payments industry. Our global
payments processing network connects consumers, financial
institutions, merchants, governments and businesses in more than
210 countries and territories. Mastercard products and
solutions make everyday commerce activities – such as shopping,
traveling, running a business and managing finances – easier, more
secure and more efficient for everyone. Follow us on
Twitter @MastercardNews, join the discussion on
the Beyond the Transaction
Blog and subscribe for the latest news on
the Engagement Bureau.
About Vyze
Vyze is a leading cloud-based financing technology company for
retailers. By combining technology, a comprehensive lending supply,
and support under one roof, Vyze delivers businesses more
satisfying financing experiences for their customers, wherever and
whenever they shop.
Forward Looking Statement
This press release contains forward-looking statements pursuant
to the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995. All statements other than statements of
historical facts may be forward-looking statements. When used in
this press release, the words “believe,” “expect,” “could,” “may,”
“would,” “will,” “trend” and similar words are intended to identify
forward-looking statements. Examples of forward-looking statements
include, but are not limited to, statements that relate to
Mastercard’s future prospects, developments and business
strategies, as well as Mastercard’s acquisition and operation of
Vyze’s business. We caution you to not place undue reliance on
these forward-looking statements, as they speak only as of the date
they are made. Except for the company’s ongoing obligations under
the U.S. federal securities laws, the company does not intend to
update or otherwise revise the forward-looking information to
reflect actual results of operations, changes in financial
condition, changes in estimates, expectations or assumptions,
changes in general economic or industry conditions or other
circumstances arising and/or existing since the preparation of this
press release or to reflect the occurrence of any unanticipated
events.
For additional information on other factors related to
Mastercard’s overall business that could cause Mastercard’s actual
results to differ materially from expected results, please see the
company’s filings with the Securities and Exchange Commission,
including the company’s Annual Report on Form 10-K for the year
ended December 31, 2018, and any subsequent reports on Forms 10-Q
and 8-K.
1 Roper 2015; Consumer Finance: Euromonitor from trade
sources/national statistics
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version on businesswire.com: https://www.businesswire.com/news/home/20190416005294/en/
Mastercard CommunicationsAlyssa Rosenblatt+1
914-249-1564alyssa.rosenblatt@mastercard.com
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