The card was designed to help beauty professionals, including creators, freelancers, salon owners, entrepreneurs, and distributors who are not directly working under L’Oréal.
L’Oréal has partnered with Mastercard to launch a new credit card designed for use in the beauty industry.
The card is called the L’Oréal Mastercard BusinessCard. It is now available in Mexico through a partnership with Clara, which is a popular payment platform that works with Latin American businesses.
The card was designed to help beauty professionals, including creators, freelancers, salon owners, entrepreneurs, and distributors who are not directly working under L’Oréal. The card will offer them access to digital business. People who sign up for the card will receive exclusive perks, including purchase discounts, loyalty points, special business training, and a $150 welcome bonus.
Currently, transactions between businesses, especially small retailers in Latin America and the Caribbean, use traditional methods such as checks, bank transfers, and cash to make payments. Mastercard stated that paying in physical modes made people vulnerable to fraud and unauthorized financial activities. The company stated that the goal of the partnership was to address that problem by introducing a more secure, digital payment system that can help to solve the unique needs of beauty industry professionals.
A recent Mastercard report discusses new developments in the global payment landscape. The report discussed how technological advancements, ever-changing customer needs, and evolving business expectations have changed how money flows around the world. The report forecasted that by 2030, global payment systems will be more interconnected, enabling people to make payments seamlessly across platforms, currencies, and national borders. This interconnectedness is expected to lead to more secure, nearly invisible payment transactions for both consumers and businesses.
One of the main predictions the study made was that digital wallets will become central in how people make payments in the future. As companies increasingly invest in artificial intelligence, users will see personalisation, enhanced identity protection, and improved financial oversight. The digital wallet will evolve to handle both personal and business finances.
Through L’Oréal’s partnership, it will help to remove barriers for beauty professionals. For years, many talented stylists and entrepreneurs have struggled to access the training, tools, and financial services necessary to grow their businesses. With this new initiative with Mastercard, L’Oréal is providing access to educational resources, business development opportunities, and greater financial flexibility. These offerings will empower professionals to invest in their skills and expand their businesses within the digital economy.
Mastercard stated that it is committed to helping small and medium-sized companies enter the digital financial space. They plan to introduce this program in more countries across the region, aiming to partner with many significant financial institutions to expand its reach.
This announcement came after L’Oréal made a strategic move in the luxury beauty sector. Recently, the company bought the House of Creed for $4 billion and secured a fifty-year exclusive license for the Gucci fragrance and beauty business. They will commence the deal once their existing agreement with Coty ends.
L’Oréal and Kering, two major French companies, have formalized a far-reaching partnership in the beauty and wellness sector. The agreement covers L’Oréal’s acquisition of Creed and grants exclusive rights to develop, create, and distribute fragrance and beauty products for Gucci, Bottega Veneta, and Balenciaga for the next 50 years.