Mastercard and L’Oréal joined forces in Latin America to promote beauty professionals and entrepreneurs with the launch of the L’Oréal Mastercard BusinessCard credit card, a step towards a more inclusive digital economy.
The L’Oréal Mastercard BusinessCard credit card will initially be issued in Mexico by Clara – a company specialized in expense management solutions in Latin America – and is the only credit card in the region designed specifically for the beauty industry, with the aim of promoting financial inclusion and boosting the growth of small businesses, according to a statement.
The card is currently available to salon owners, independent stylists, beauty content creators, and distributors within L’Oréal’s professional network in Mexico.
Expansion to other Latin American and Caribbean markets with additional financial partners is also planned.
According to local hairstylist associations, there are approximately 350,000 beauty salons throughout the region.
However, the sector’s long-standing reliance on cash increases the risk of fraud and widens the digital divide, limiting beauty professionals’ access to safe, convenient and affordable financial services. This digital divide represents an obstacle for many small merchants in Latin America and the Caribbean, where 90% of B2B payments are still made in cash, checks and bank transfers.
“Small and medium-sized businesses are the engine of the Latin American economy, and this alliance marks an important step for the millions of entrepreneurs who drive our region every day,” said Walter Pimenta, executive vice president of Commercial Products and New Payment Flows for Latin America and the Caribbean at Mastercard.
“What excites us most is the impact we can generate together: empowering SMEs with greater access to the digital economy, practical financial tools and easier ways to grow their businesses. By joining forces with an industry leader like L’Oréal, we are not only expanding services; we are driving the potential of a segment that promotes innovation, job creation and more inclusive economic progress throughout the region,” he added.
Payments in the beauty sector go digital
By streamlining the credit assessment process and integrating financial products into the spaces where industry professionals operate, Mastercard, L’Oréal and Clara are making this process faster and easier.
“Mexico’s beauty community is incredibly dynamic, with hundreds of thousands of talented stylists who deserve every opportunity to succeed,” said Alonso Gotuzzo, Director of the Professional Products Division of L’Oréal Mexico.
“At Clara, our goal is to make business operations more agile, simple and transparent. The alliance with L’Oréal and Mastercard allows us to extend that mission to thousands of beauty professionals, reducing inefficiencies, leveraging AI and helping them spend more time developing their business and serving their clients,” said Gerry Giacomán Colyer, CEO and co-founder of Clara.
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