Virginia credit union invests in greater financial flexibility and an effortless banking experience by offering Buy Now, Pay Later to members for their debit card purchases
Apple Federal Credit Union (Apple FCU) announced that it has added a Buy Now, Pay Later (BNPL) type solution to its suite of online banking products. Branded PayAdvantage, the offering reflects the post-purchase finance nature of its installment options.
Apple FCU selected equipifi, a leading BNPL platform designed for financial institutions, to power its solution, and is the first credit union in Virginia to make this service available. Now, whenever Apple FCU members make eligible purchases on their existing credit union debit card, they will be able to split the payments for these transactions over time. Through equipifi, Apple FCU’s PayAdvantage program generates personalized offers to each member’s financial context and goals, meeting them where they are with timely access to extra funds. Members will be able to view and accept their PayAdvantage offers in their digital banking experience, and receive the funds in their checking account, typically in moments.
“Flexible financing should be intuitive and effortless, and it’s our role as a trusted financial institution to provide a prompt and caring solution to our members,” said John Ritchey, Senior Vice President of Lending at Apple FCU. “Partnering with equipifi, our in-house program generates pre-qualified loans tailored for individuals, taking the waiting and uncertainty out of the financing process.”
“BNPL is a must-have tool for consumers to stretch their budget and to achieve their long-term financial goals. For years, they have been asking for it from their trusted financial institutions,” said Bryce Deeney, CEO and co-founder of equipifi. “Credit unions have been quick to respond with the solution their members need. By launching flexible payment options, Apple Federal Credit Union is committing to a better banking experience for their membership.”
Apple FCU joins many credit unions that are first to launch such a solution in their home state. Over sixty credit unions have launched their own BNPL product to their members. equipifi’s data shows that over 81 percent of members continue to use BNPL in year two, with overall usage increasing by 38 percent. In the United States, BNPL is projected to grow at a compounded annual rate of 25.5 percent between 2022-2026.