Synchrony Financial, a consumer financial services company, last week announced its mApply mobile credit application product offered through Synchrony Bank will now be available for its Payment Solutions merchants and cardholders, according to a press release.

The mApply product enables shoppers to securely apply for credit on their mobile devices and instantly access their approved credit line, according to the announcement. Synchrony Financial said it has processed more than 4.7 million mobile applications to date, more than doubling from February 2014 to February 2015. As of January 2015 mobile applications accounted for nearly 7 percent of total credit application volume.

"We know financing is an important factor in making large purchases and we are committed to offering integrated mobile solutions that deliver convenience for our customers and value for our partners," said Glenn Marino, executive vice president and CEO of Synchrony Financial's Payment Solutions platform.

As of December 2014, Synchrony Financial's Payment Solutions platform included 6.9 million active credit card accounts accepted at 119,000 locations nationwide. This includes leading retailers and merchants, manufacturers, buying groups, and industry associations across a range of markets, including home furnishings and flooring, automotive care, appliances and electronics, jewelry, home improvement and more.