Paymentology’s card issuing platform and analytics capabilities supports Tuily to provide Apple Pay for businesses in the country
September 26, Colombia: Paymentology, the leading global issuer-processor, today announces its partnership with Tuily, the new Colombian fintech that revolutionises expense management for small and medium-sized enterprises (SMBs) which has now enabled Apple Pay for its business customers.
Launched in 2023, Tuily stands as a pioneering Colombian FinTech company with a commitment to democratizing access to capital for Colombian SMBs. As the first Colombian FinTech in the nation to provide such tailored financial solutions, Tuily’s digital and physical corporate Mastercard credit cards, along with a highly secure and user-friendly expense management platform, have not only simplified doing business in Colombia but also opened doors to economic empowerment for small and medium-sized enterprises.
Now, thanks to Paymentology's comprehensive range of products and services, Tuily has added Apple Pay to its offering. With the Tuily business credit card, SMBs can make quick and secure payments using their Apple mobile devices, eliminating the need for physical cards.
In addition to enabling Apple Pay, Paymentology provides Tuily with a full suite of end-to-end scalable card payment programs, including first-class tokenization and security services. The services enabled through Paymentology provide the issuing of virtual and physical Mastercard card processing, 3DSecure technology, ensuring seamless and secure transactions for Tuily's clients.
SMBs constitute a significant portion of Colombia's formal businesses, contributing approximately 40% of the gross domestic product and providing 65% of employment, especially for the most vulnerable groups. The introduction of Apple Pay in Colombia in November 2021 has facilitated more flexible payment options for people across the country. This partnership between Paymentology and Tuily marks a significant milestone for businesses, empowering them to conduct contactless transactions with their business accounts.
Jonathan Tarud, CEO at Tuily commented on the announcement: "Our unwavering commitment lies in democratising capital, enabling SMBs to transact effortlessly. Introducing Apple Pay marks the next pivotal step for us to achieve this mission. Collaborating with the customer centric Paymentology team was a great choice for us, and 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. We take immense pride in offering next-generation payment solutions that will play a pivotal role in their journey.
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."