Insights and Innovation is the first Buy Now, Pay Later forum for banks and credit unions unlocking their own solution for cardholders
equipifi, a fintech company providing banks and credit unions with a white label Buy Now, Pay Later (BNPL) solution, announced that Insights and Innovation, the first BNPL forum for financial institutions, will be taking place on August 23, 2023.
Insights and Innovation is an exclusive event for banks and credit unions that are unlocking their own BNPL for their cardholders. The forum covers industry insights, consumer behavior analysis, case studies from financial institutions, and user stories for bank BNPL.
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“The financial institutions attending our forum are committed to bringing the best and safest product to their cardholders,” said Bryce Deeney, CEO and cofounder of equipifi. “They understand that launching split payments on the debit card is no longer a nice-to-have. It is a necessary capability to grow debit card engagement and accounts, particularly with next gen consumers.”
Bank BNPL, or BNPL offered to consumers from their primary financial institution, has seen a surge in uptake in 2023. The cardholder’s relationship with their bank or credit union allows a seamless integration between their purchasing and banking experience. They are also extended pre-qualified BNPL offers that align with their financial goals and the institution’s risk tolerance. This is a trusted alternative to BNPL solutions from third-party fintech and large tech companies, following the regulatory guardrails for consumer data protection and financial health.
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“Credit unions like us are leading this wave of innovation,” said Jessica Hernandez, VP of Operations at Generations Federal Credit Union. “When our members show us that they prefer a particular payment method, and we know that this payment method is safer and more convenient coming from their credit union, then that is what we are going to provide them.”
BNPL volume is projected to surpass $100B in the US by 2024, with Insider Intelligence projecting 59 percent of Gen Z, 53 percent of Millennials, and 41 percent of Gen X is using it in some form by 2026.
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