Business
Acima Unveils Industry’s First Lease-to-Own Anywhere Virtual Payments Card
LTO card powered by the Mastercard network enables consumers with or without credit to lease eligible goods at participating Acima merchants Acima’s decision
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[{"type":"text","content":"\nLTO card powered by the Mastercard network enables consumers with or without credit to lease eligible goods at participating Acima merchants \n\nAcima’s decision engine and mobile capabilities, paired with Mastercard’s technology infrastructure and wide merchant acceptance, will create an unmatched LTO transaction experience benefiting consumers and retailers\n\n PLANO, Texas--(BUSINESS WIRE)--\nAcima, a $1.3 billion virtual lease-to-own FinTech company owned by Rent-A-Center, today unveiled the lease-to-own (LTO) industry’s first LTO payments card. The new Acima LeasePay™ card, which is powered exclusively by the Mastercard network, will unlock a new level of shopping power for cash and credit constrained customers to lease eligible goods that improve their quality of life. The LeasePay™ card will eliminate the upfront transaction risk for retailers because Acima will purchase the goods from the retailer directly for lease to the customer.\nThis press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210414005272/en/Acima LeasePay™ card (Graphic: Business Wire)\nBeginning later this year, consumers will be able to utilize the Acima LeasePay™ card across Acima’s suite of planned digital solutions including its mobile app, marketplace, and browser extension. Consumers can receive an instant approval for a lease transaction by applying through the mobile application and, if eligible, receive access to up to $4,000 through the Acima LeasePay™ card that can be used by the customer to complete lease transactions at participating Acima merchants for qualified goods in the United States.\n\nUpon approval, customers can instantly access Acima’s LeasePay™ card by directly adding it to their mobile wallet from the Acima mobile app. This allows access to Acima’s LeasePay™ card information for lease transactions online, in app, and at the point of sale through digital wallet offerings. Acima also plans to issue a physical Acima LeasePay™ card to expand available options for customers where the virtual card cannot be used.\n\n“We’re creating a new payments category for retailers and consumers. This is the first LTO payments card in the industry that provides retailers access to a significantly larger segment of consumers they couldn’t previously count as customers. With the LeasePay™ card, co...