TAMPA, FL (June 12, 2024) |
USF Federal Credit Union (USF FCU), headquartered in Tampa with over $1.1 billion in assets and serving over 70,000 members, announced that it has added Buy Now, Pay Later (BNPL) to its suite of online banking products to address the financial fragility of members who may normally turn to high interest credit-finance options or predatory lenders.
USF FCU has selected equipifi to power its BNPL solution and is the first credit union to make BNPL available in Florida. With the launch, USF FCU will extend personalized BNPL offers to members on eligible debit card transactions. Members will be able to view and accept pre-qualified BNPL offers within USF FCU’s digital banking experience.
“Our members trust us to provide solutions that will improve their lives, and they seek financial flexibility,” said Richard Sellwood, COO at USF FCU. “equipifi’s BNPL platform helps us provide our members’ preferred payment method in their mobile banking app, and helps us to meet them where they are at any time in their financial journey.”
“With one in four consumers using BNPL in the last 12 months, this is an impactful way for credit unions to empower an entire member base,” said Bryce Deeney, CEO and co-founder of equipifi. “By launching BNPL, USF FCU is elevating its digital banking experience and debit cards to meet the current and future needs of its membership.”
USF FCU joins many credit unions that are first to launch a BNPL solution in their home state, including New York, California, Texas, and Michigan. BNPL is projected to grow at a compounded annual rate of 25.5 percent between 2022-2026, saving members money by avoiding credit card interest and preventing overdraft fees that may follow large, unexpected expenses.
For more information about USF FCU, visit usffcu.com.