Generations FCU Launches BNPL on Debit Cards to Elevate Member Experience
Members can now split payments on eligible debit card purchases through GEN Pay
Generations Federal Credit Union (GFCU), a credit union serving over 50,000 consumer and commercial members, announced that it is adding GEN Pay, its branded Buy Now Pay Later (BNPL) solution, to its digital banking suite.
Generations FCU announced that it is adding GEN Pay, its branded Buy Now Pay Later, to its digital banking suite.
GFCU has selected equipifi, a white label SaaS designed for financial institutions, to power its BNPL solution. By connecting equipifi to its banking core, GEN Pay extends personalized BNPL offers to members that align with their financial health on eligible debit card transactions. GFCU's members will be able to access GEN Pay through their online banking to view and accept their BNPL offers within seconds.
GFCU has selected equipifi, a white label SaaS designed for financial institutions, to power its BNPL solution. GEN Pay is part of GFCU’s initiative to design an elevated suite of debit card offerings to meet the evolving needs of its current and future members.
"We're dedicated to becoming our members' one-stop shop for all of their banking needs," said Jessica Hernandez, VP of Operations of Generations FCU. "Adding BNPL not only enables us to be there for our members' important purchasing and budgeting moments, but also provides them a trusted payment option that many members are familiar with."
"70 percent of BNPL users in the US reported that they would have preferred this solution from their primary financial institution and 69 percent of them are next gen consumers," said Bryce Deeney, CEO and co-founder of equipifi. "Credit unions like Generations FCU are rolling out BNPL as a long-term commitment to their members."
BNPL grew 25 percent in transaction value last year and is projected to surpass $100 billion by 2024. According to the Consumer Financial Protection Bureau, 89 percent of all repayments in 2020-2021 were made through the debit card. GEN Pay is part of GFCU's initiative to design an elevated suite of debit card offerings to meet the evolving needs of its current and future members.