Mercury Financial Expands Opportunities for Financial Inclusion with Launch of Mobile Payments Technology
The new product feature addresses the near-prime market’s need for contactless payments.
AUSTIN, Texas–(BUSINESS WIRE)–Mercury Financial, a financial inclusion technology company, announced today that its Mercury Mastercard, and co-branded credit cards, will now be available for digital wallets, increasing accessibility to payment platforms for underrepresented communities. Beginning today, Mercury Financial cardholders will have access to digital wallet and tokenization capabilities to make in-store, in-app and online payments at participating merchants from their Apple®, Google® or Samsung® smart devices. These product innovations are in direct response to the increase in the near-prime market need for contactless payment accessibility and aligns with the fintech’s mission of utilizing technology to empower customers to build better credit.
“This is a major milestone for Mercury Financial and allows us to fulfill our mission of providing digital solutions that help customers achieve improved credit and subsequently, less financial stress in their everyday lives,” said Andy Shah, chief technology officer at Mercury Financial. “By maximizing a customer’s mobile experience through security and simplicity, we are one step closer to a more financially inclusive world.”
Mercury Financial’s launch of digital wallets and tokenization offers the advantages of safety, rewards and convenience to customers focused on rebuilding credit. Its benefits include encrypted data to keep card account numbers safe upon payment, consistent rewards across both digital and physical credit cards. In addition to the benefits of digital wallets, customers receive enhanced security and ease of use when saving their credit card information with merchants that participate in tokenization.
Digital wallet enablement is launching off the heels of a record-breaking third quarter, in which Mercury Financial provided access to more than $300 million in unsecured credit to new account holders, marking a 65 percent increase in total open accounts between September 2020 and September 2021.
“We are maximizing our momentum by introducing mobile payment options to our customers and believe in our technology’s power to build Americans up in a recovering economy,” said James Peterson, CEO of Mercury Financial. “As technology continues to advance and digital wallets are more frequently used, Mercury Financial is dedicated to providing our expanding customer base with best-in-class products that exceed expectations.”
The integration with digital wallets accessibility also applies to Mercury Financial’s recently announced Free Spirit® Points Plus Mastercard® and the Free Spirit Points Mastercard®, which entered the market in February.
For more information on Mercury Financial, visit www.mercuryfinancial.com.
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About Mercury Financial
Mercury Financial LLC (Mercury Financial) is expanding financial inclusion through technology. We deliver access to credit and a superior digital credit experience focused on the underserved near-prime customer. To date, Mercury Financial has helped empower nearly 1 million deserving Americans with better credit through the use of its proprietary risk assessment and data analytics technologies. We strive to provide access to best-in-class credit lines to allow customers to maximize their purchasing power. We offer valuable cashback rewards and travel rewards through strategic partnerships like the Spirit Airlines “Free Spirit” Program. Mercury Financial prioritizes providing the tools to promote positive financial behavior and upward mobility through a seamless digital experience.
Based out of Austin, Texas, with offices in Wilmington, Delaware, Mercury Financial has more than 160 employees and is led by CEO and 15-year financial services veteran James Peterson and a management team with decades of combined industry experience. Backed by Värde Partners, a leading global alternative investment advisor, Mercury Financial has provided customers access to more than $3 billion in credit lines since its founding in 2013.
Mercury Financial manages the Mercury Mastercard® and the Free Spirit® Points Mastercard®, which are issued by First Bank & Trust, Brookings, SD pursuant to a license by Mastercard® International.
For more information, visit www.mercuryfinancial.com.
Contacts
Nichole Hazard
512-960-7656
mercury@redfancommunications.com