Kane County Teachers Credit Union Launches BNPL, First in Illinois

Members can now split their eligible debit card purchases to pay over time with new BNPL option.

Kane County Teachers Credit Union is excited to announce the addition of Buy Now, Pay Later (BNPL) to its suite of online banking products. With assets over $417 million and a member base of over 26,000, KCT Credit Union is the first in Illinois to offer this innovative solution.

Partnering with equipifi, KCT Credit Union becomes the first credit union in Illinois to offer a BNPL solution. This launch will allow KCT members to receive personalized BNPL offers on eligible debit card transactions, which can be viewed and accepted directly through KCT Credit Union's digital banking platform.

"At KCT Credit Union, we are committed to offering safe and user-friendly financial products that support our members' financial well-being," said Sergio Rodriguez, SVP at KCT Credit Union. "By partnering with equipifi, we can provide a BNPL platform that tailors loans to our members' specific needs, offering them a level of transparency and convenience that third-party solutions simply cannot match."

"Consumers are increasingly expecting BNPL options from their trusted financial institutions," said Bryce Deeney, CEO and co-founder of equipifi. "By integrating BNPL into its services, KCT Credit Union is not only meeting this demand but also enhancing the overall banking experience with a secure and member-centric payment solution."

KCT Credit Union joins a growing list of credit unions across the United States, including those in New York, California, Texas, and Michigan, that are pioneering BNPL solutions in their home states. The BNPL market is projected to grow at a compounded annual rate of 25.5% between 2022 and 2026, reflecting its increasing popularity among consumers.