Mastercard has acquired Vyze, a point-of-sale financing platform that allows consumers to apply for extended payments to a retailer while at the checkout counter, according to a press release.

The agreement enables Mastercard to provide flexible lending options when consumers are making purchases either in-store or online. The acquisition will provide additional choice to consumers beyond Mastercard’s existing credit card and ACH platforms.

"Both consumers and businesses want the best choice and service exactly when they need it," Blake Rosenthal, executive vice president of global acceptance at Mastercard, said in the announcement. "Vyze adds to our ability to empower banks and other lending partners to participate in the growing trend of retail financing."

The Vyze platform lets lenders and merchants integrate by using simple APIs, a much faster and less expensive option for maintaining lender and merchant relationships.

Terms of the agreement were not disclosed.