Credit union partners with equipifi to provide members with financial flexibility and instant access to extra funds while helping them stay within their budget
Arizona Financial Credit Union, a financial institution with $3.3 billion in assets and serving over 170,000 members, announced that it has added Buy Now, Pay Later (BNPL) to its suite of online banking products.
Arizona Financial has selected equipifi, a leading BNPL platform designed for financial institutions and headquartered in Arizona, to power its solution. With this launch, Arizona Financial will extend personalized, pre-qualified BNPL offers to members in its digital banking experience. Arizona Financial’s BNPL program will serve its members throughout their shopping journey, and will include both a pre-purchase feature that gives members access to extra funds prior to shopping, and a post purchase feature that converts eligible debit card transactions into installment loans.
“We’re proud to partner with equipifi to provide our members with an in house BNPL solution that is easy to use, reliable, and fair,” said Eric Givens, SVP of Research and Development at Arizona Financial. “We’ve seen the growing use of 3rd-party BNPL from our membership, and we know that launching BNPL is a necessary step toward being a one-stop banking solution for our community.”
“Buy Now, Pay Later is a must-have service for credit unions to stay relevant to their members and for future growth. Because of its popularity, it creates a halo effect on the entire banking experience,” said Bryce Deeney, CEO and co-founder of equipifi. “By launching BNPL, Arizona Financial is embedding a powerful and highly demanded service within its online banking experience. equipifi is proud to partner with Arizona Financial in expanding consumer access to credit union BNPL in our home state.”
Over 50 credit unions have launched their own BNPL product to their members. equipifi’s data shows that over 79 percent of members continue to use BNPL in year two, with overall usage increasing by 38 percent. In the US, BNPL is projected to grow at a compounded annual rate of 25.5 percent between 2022-2026.