Mastercard acquires Vyze for point-of-sale financing
Mastercard has acquired Vyze, a technology platform for point-of-sale payment options, designed to provide flexibility and convenience through financing options.
“This offers users total control from their existing bank app”
Vyze connects merchants with multiple lenders, allowing them to offer their customers a wide range of credit options online and in-store.
“Both consumers and businesses want the best choice and service, exactly when they need it,” says 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.”
Vyze’s financing approval rates are up to 90%, the firm says.
Several top US retailers work with Vyze for special financing options. Mastercard aims to bring the same functionality to customers in additional markets.
Pay by Bank
Mastercard’s new Pay by Bank (PbBa) feature is also enjoying the spotlight, as The ai Corporation has added it as an additional payment option on ai Gateway, the firm’s omnichannel payment gateway, which is currently used by over 40,000 global merchants.
ai’s payment gateway with integrated fraud prevention will make PbBa available to all merchants and end users, alongside all existing major card schemes, including: Visa, Amex, Masterpass, Mastercard Instalments and Apple Pay.
Simon Vincent, head of product at ai, comments: “PbBa leverages the UK’s Faster Payments service to allow shoppers to pay retailers directly from their bank account. No new payment details. No new passwords. This offers users total control from their existing bank app.”
PbBa, which was created by Vocalink, a Mastercard company, simply uses the information that the consumer has safely stored in their banking app to process payments, removing the need for a separate PIN, password or card number.
Verification is handled by the user’s own, trusted banking app, which meets PSD2 standards and requirements for Strong Customer Authentication (SCA).
Jonathan Wood, senior vice president, consumer applications at Mastercard, says: “PbBa is also quick, taking just a few seconds to make a payment, with funds moving instantly from the customer’s bank account to the settlement account of the merchant. Offering consumers a simple, speedy and secure checkout and payment option.”
Mastercard and ai Corporation have been in a strategic partnership since 2015.
