Mastercard and L’Oréal are working together in Latin America to help beauty professionals and small business owners. They’ve launched the L’Oréal Mastercard BusinessCard, a special credit card designed for the beauty industry.
The card, introduced first in Mexico with the help of Clara, a major Latin American financial service, aims to improve financial access and support small business growth. It’s available to salon owners, independent stylists, beauty creators, and distributors in Mexico who are part of L’Oréal’s professional network. The card will soon be available in other countries across Latin America, with plans to work with more financial partners.
There are around 350,000 beauty salons in Latin America and the Caribbean (LAC), according to local Stylist Associations. These salons are important for local economies because they create jobs and encourage entrepreneurship. However, many beauty businesses still rely on cash payments, which increases the risk of fraud and makes it harder for professionals to access secure and easy-to-use financial services. This lack of digital payment options is a big challenge, as 90% of business-to-business payments in the region are still made by cash, check, or bank transfer.
As per Coherent Market Insights, the Fintech Industry Market will grow at a 9.8% compound annual growth rate (CAGR) from 2025 to 2032, from USD 377.2 Mn in 2025 to around USD 726.2 Mn by 2032. The fintech industry is rapidly transforming the global financial landscape by using digital technologies to provide faster, more convenient, and accessible financial services. It covers payments, digital banking, lending, wealth management, and enterprise solutions, connecting consumers, businesses, and institutions through innovative platforms.
“Small and medium businesses are the heartbeat of Latin America’s economy, and this partnership represents a powerful step forward for the millions of entrepreneurs who move our region every day,” said Walter Pimenta, EVP Commercial and New Payments Flow for LAC at Mastercard. “What excites us most is the impact we can create together — empowering SMEs with seamless access to the digital economy, practical financial tools, and smarter ways to grow. By joining forces with an industry leader like L’Oreal, we’re not just expanding services; we are fueling the potential of a segment that drives innovation, job creation, and inclusive economic progress across the region”.
In the past, getting a business card involved going in person and waiting for approvals, which took beauty entrepreneurs away from their shops and customers. Now, by simplifying the approval process and offering financial products where salon professionals work, Mastercard, L’Oréal, and Clara are making it faster and easier. This helps more beauty professionals, especially those who were underserved before, join the digital economy with confidence and flexibility.
Source:
News: Mastercard
