Aplazo, the first omnichannel buy now, pay later (BNPL) platform in Mexico, announced that it has partnered with Mastercard to launch Latin America’s first-of-its-kind virtual card solution. This virtual card brings secure digital payments to the region, providing a seamless payment journey to customers that enables the convenience of BNPL (installment) payments and the capacity to shop anywhere.
Aplazo’s BNPL virtual card provides an easy way to utilize credit, allowing users to pay in installments only by linking their existing bank account or debit card to their Aplazo APP. Once users create an account at aplazo.mx and have their credit approved, the virtual card is activated and can be used with all online retailers in Mastercard’s network. Unlike traditional entities, Aplazo approves virtual cards in record time to allow customers instant access and the ability to purchase goods on-demand, with the convenience of paying for them over time with no hidden fees. Cardholders also have access to Mastercard’s customer support capabilities.
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As the digital payment landscape evolves, Millennial and Gen Z consumers will play a key role in the growth of BNPL solutions in Latin America. Aplazo is reducing the barrier to entry to credit access for these groups which will ultimately drive the economy forward in this important region with the simplest and transparent credit option.
“We’re thrilled to partner with Mastercard to deliver a unique, convenient payment system and experience to customers in Latin America who have historically faced significant challenges gaining access to credit,” said Angel Peña, CEO and Founder of Aplazo. “This first-of-its-kind offering underscores Aplazo’s unique offering and ability to scale, and we look forward to continuing to empower Latin American consumers across the region.”
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“We are delighted to work with partners like Aplazo who share our mission of bringing more people into the digital economy,” said Pablo Cuarón, Vice President of Business Development Fintech and Enablers at Mastercard. “Through Mastercard Developers, Aplazo gains access to our APIs, solutions, partners and programs through a single point of entry, helping them to build their business at a fast pace.”
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