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 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
Acima LeasePay™ card (Graphic: Business Wire)
Beginning 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
Upon 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.
“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, consumers will have access to an easy-to-use payments vehicle they can rely on to enter lease-to-own transactions with Acima,” said
Acima, under the legacy brand Preferred Lease, recently released a lease-to-own web browser extension, enabling consumers to shop and lease at a wider selection of national retailers. The Acima LeasePay™ card will be integrated into this feature to further improve consumer choice and transaction speed in the LTO universe.
Acima will also work closely with Mastercard’s
“The power of the Mastercard network and our longstanding commitment to providing choice in how consumers want to pay will enable Acima to deliver a new level of shopping power and a more frictionless lease-to-own transaction experience across whichever shopping channel consumers desire,” said
Customers can pre-register for the Acima LeasePay™ card, at www.acima.com/leasepay.
This press release contains forward-looking statements that involve risks and uncertainties. Such forward-looking statements generally can be identified by the use of forward-looking terminology such as "may," "will," "expect," "intend," "could," "estimate," "predict," "continue," "should," "anticipate," "believe," or “confident,” or the negative thereof or variations thereon or similar terminology and including, among others, statements concerning the expected benefits of the Company’s Lease-to-Own Virtual Card and planned consumer offerings and technologies. However, there can be no assurance that such expectations will occur. The Company's actual future performance could differ materially and adversely from such statements. Factors that could cause or contribute to such differences include, but are not limited to, (1) the impact on our business of the COVID-19 pandemic and related federal, state, and local government restrictions, including adverse changes in such restrictions or the potential re-imposition of such restrictions limiting our ability to operate or that of our retail partners or franchisees, and the continuing economic uncertainty and volatility that has resulted from such matters, (2) risks relating to consumer and retailer acceptance of the Lease-to-Own Virtual Card and other new consumer offerings, (3) Acima’s ability to effectively implement its suite of digital solutions including its mobile app, marketplace and browser extension and (4) the other risks detailed from time to time in the reports filed by us with the