New payment option supporting multiple banking core and digital banking integrations is first of its kind, built to drive debit card adoption and account growth 

equipifi, a fintech company providing debit card issuers with a white label Buy Now, Pay Later (BNPL) solution, announced today that it will be introducing a Pay-in-4 feature. This new release will provide banks and credit unions with a way to drive adoption for their checking account and debit card products that is competitive against leading direct-to-consumer fintechs.

Pay-in-4 is a popular BNPL loan setting that allows consumers to convert transactions to installment plans at 0 percent interest, to be paid back in four equal payments every two weeks. Previously only available from third-party BNPL providers, Pay-in-4 is attractive to first time BNPL users due to the clarity of its terms and the short repayment timeline. 

equipifi is the first to offer Pay-In-4 capabilities to banks and credit unions through a BNPL solution embedded in multiple leading core banking and digital banking solutions. The cardholder must meet certain criteria to qualify, encouraging them to deepen their relationship with their debit card issuer.

"Megabanks are entering into the BNPL arena to join successful third-party providers like Affirm, PayPal, and Apple who have gained market share in debit card and BNPL solutions," said Bryce Deeney, co-founder and CEO of equipifi. "Pay-in-4 not only helps thousands of banks and credit unions stay competitive, but also helps serve the consumers who call these financial institutions home for their banking needs."

Bank BNPL has emerged as a trusted alternative to third-party fintech solutions in the market. Since its founding in 2021, equipifi has been partnering with debit card issuers to enable split payment capabilities on eligible purchases. This embedded, merchant agnostic BNPL service equips banks and credit unions with products to drive engagement and grow accounts. equipifi customers see their online banking embedded BNPL solution used at a higher rate than that of all third-party BNPL providers combined. Pay-in-4 is designed to further drive this growth and will be released in 2024.