Payment network giant Mastercard (MA) is teaming up with L’Oréal (OTCPK:LRLCF) (OTCPK:LRLCY) to launch a business card for beauty professionals and entrepreneurs in Latin America, the companies said Monday.
The L’Oréal Mastercard BusinessCard, issued first in Mexico by spend management solution Clara, is the region’s only credit card designed specifically for the beauty industry, the firms said.
LAC is home to an estimated 350K beauty salons, Mastercard (MA) noted in a release, citing local Stylist Associations. It added that some 90% of business-to-business payments in LAC are still handled in cash, check and bank transfers, increasing fraud risk and widening the digital divide.
The new card is now available for salon owners, independent stylists, beauty creators and distributors within L’Oréal’s (OTCPK:LRLCF) professional network in Mexico. Expansion across other markets in the LAC region is also planned with additional financial partners.
Among some of the key benefits of the card include discounts and points on salon products purchased through L’Oréal’s (OTCPK:LRLCF) network, as well as access to Clara’s AI solutions and L’Oréal Academy trainings.