Paymentology’s card issuing platform will support Tuily to provide Apple Pay for small businesses in the country
The fintech has joined forces with Paymentology, a global issuer-processor, to make this exciting development possible.
This partnership marks a significant step forward for Tuily, which was launched in 2023 with a mission to “democratise access to capital for Colombian SMBs”.
Now, alongside its existing Mastercard credit card and expense management platform, Tuily will empower its business clients with the convenience and efficiency of Apple Pay. This not only streamlines payments processes but also reduces the reliance on physical cards and accelerates the adoption of mobile payments.
Paymentology will provide Tuily with the issuing of Mastercard card processing and 3DSecure technology.
This collaboration holds immense promise, as SMBs play a crucial role in the Colombian economy, contributing approximately 40% to the gross domestic product and accounting for a substantial 65% of employment, as highlighted by Paymentology.
Jonathan Tarud, chief executive officer at Tuily, is “committed” to democratising capital to enable SMBs to transact “effortlessly”.
Tarud said: “Introducing Apple Pay marks the next pivotal step for us to achieve this mission. Collaborating with the Paymentology team was a great choice for us. Their agile platform empowers us to adapt swiftly and serve our customers better.
“We look forward to deploying more financially inclusive tools together, not only for businesses in Colombia but also reaching far beyond borders, transforming the landscape of SMB financing.”
Alejandro Del Rio, regional director for Latam at Paymentology, commented: “We recognise the immense significance of SMBs in Colombia’s economy, serving as the backbone of formal businesses.
“That’s why we were keen to partner with Tuily, a tour de force in empowering these small enterprises with the essential financial tools to ensure their continued success.”
Del Rio believes that integrating these innovative technologies isn’t just a choice, it’s a “strategic necessity that drives economic efficiency for businesses, enabling them to focus on other crucial aspects of their operations with ease”.