Synchrony Financial may have nearly a decade of financial service experience, but the company offers some of the most up-to-date tools for consumers. According to a company announcement made Friday (March 27), Synchrony’s mApply mobile credit application service is now available to Payment Solutions merchants and cardholders.
The mApply app has already processed more than 4.7 million applications, allowing consumers to quickly apply for credit and instantly access their approved credit line, all over the phone. According to Synchrony, the number of credit applications has more than doubled between February 2014 and February 2015.
Synchrony said that as of January of this year, its credit applications made through mApply – known as mApplications – has made up nearly 7 percent of all credit application volume.
The company’s decision to make the mApply service available to more of its customers follows revelations from Synchrony’s recent survey released this month, finding that 79 percent of shoppers agree that access to credit makes making large purchases more affordable. That fact, combined with the rise in mobile shopping, means Synchrony will look to benefit both shoppers and retailers.
“We know financing is an important factor in making large purchases and we are committed to offering integrated mobile solutions that deliver convenience for our customers and value for our partners,” said Synchrony Financial’s Payment Solutions platform Executive Vice President and CEO Glenn Marino.
Offering mApply to Payment Solutions merchant customers means 6.9 million active credit card accounts can make use of the mobile app, including manufacturers, buying groups, associations and merchants across an array of industries including automotive, flooring and furnishing, and electronics.