DETROIT, Mich.—Ally Financial is entering the point-of-sale installment lending marketplace through a new arrangement with Mastercard.
Ally announced that its Ally Lending subsidiary has established a partnership with Mastercard's POS installment loan platform Vyze, under which Ally Lending will serve as the financier of the loans, The Motley Fool reported.
By doing so, Ally said it is “hopping on a trend” among U.S. consumers and retailers.
The bank cited research from FinTech World Report 2019 indicating that retailers utilizing POS installment financing enjoy an average 32% boost in sales, along with a 75% gain in order value, The Motley Fool noted.