Payment network giant Mastercard has announced a collaboration with Mexico’s buy now, pay later (BNPL) firm Aplazo. The partnership will see the introduction of an innovative virtual card solution for the first time across Latin America. The new payment solution will be supported by a BNPL facility.
The deal means Aplazo will be able to access Mastercard’s Developer platform, allowing it to make use of the diversified and strong suite of digital assets and services. With the access, Aplazo will be able to roll out its virtual card offering.
The Partnership Will Provide Safe Digital Payments In Latin America
The first-of-its-kind will be creating the way for safe digital payments in Latin America. This will encourage more consumers to partake in a booming digital economy. As a result of the partnership, Mastercard is now extending the accessibility of its digital services to Aplazo.
The card will enable users to make instalment payments when they are looking for access to credit while shopping. Also, Mastercard and Aplazo have made the procedure of accessing credit very simple. Users can avail credit by just linking their debit card or current bank account at aplazo.mx. Once the card is activated on the platform, it can be used on all online retail outlets that accept Mastercard. Additionally, access to credit takes a very short time, unlike traditional entities.
The latest partnership with Aplazo will be another effort made by Mastercard to ensure seamless instalment payments online. The payment network has engaged in several other similar partnerships in the past, including Saks Fifth Avenue, Lithic, i2c, H&R, Block, Deserve, Bass Pro Shops, Walgreens, and Sutton Bank.
BNPL Firms Prepare For Explosion In The Industry
The global demand for BNPL products has increased massively. This has led top players in the industry to raise funds to expand their operations. Earlier this month, BNPL service provider Tabby raised $54 million in funding to expand its operations.
Similarly, last week BNPL platform ViaBill raised $120 million in equity and debt financing to provide more services to clients and expand geographically.
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