Martin Cole
Key Takeaways
– Equipifi and SWBC have partnered to offer a white label Buy Now, Pay Later (BNPL) solution to banks and credit unions.
– This partnership aims to provide consumers with greater purchasing power and more effective financial management.
– BNPL programs are growing in popularity, with transaction value expected to surpass $100 billion by 2024.
– Members will have more payment flexibility and visibility of their financial health by accessing split payments through their existing debit card.
– This partnership enhances the consumer debit card experience and provides financial institutions with a powerful acquisition and retention tool.
Introduction
In today’s fast-paced digital world, consumers are constantly seeking convenient and flexible payment options. Buy Now, Pay Later (BNPL) programs have gained significant popularity, allowing individuals to split their purchases into manageable installments. Equipifi, a leading fintech company, has recently partnered with SWBC, an international financial services company, to offer a white label BNPL solution to banks and credit unions. This partnership aims to empower consumers with greater purchasing power and enhance their financial management capabilities. In this article, we will explore the details of this partnership and the benefits it brings to financial institutions and their customers.
The Rise of Buy Now, Pay Later
In recent years, BNPL programs have experienced exponential growth, revolutionizing the way consumers make purchases. These programs allow individuals to split their payments into smaller, interest-free installments, making it easier to afford larger purchases. According to a report by Allied Market Research, the global BNPL market is expected to reach a transaction value of over $100 billion by 2024. This significant growth is driven by the increasing demand for flexible payment options and the convenience they offer.
Empowering Financial Institutions with BNPL
Equipifi’s partnership with SWBC enables financial institutions, such as banks and credit unions, to offer their customers a white label BNPL solution. This means that these institutions can provide their customers with the option to split their purchases into flexible installment loans directly through their digital banking app. By leveraging equipifi’s technology and SWBC’s extensive network, financial institutions can enhance their product offerings and provide a seamless BNPL experience to their customers.
Benefits for Consumers
The partnership between equipifi and SWBC brings several benefits to consumers. By accessing split payments through their existing debit card, members can enjoy more payment flexibility and better manage their finances. Instead of making a large upfront payment, individuals can spread the cost of their purchases over time, making them more affordable. This can be particularly useful for larger expenses, such as electronics, furniture, or even vacations. Additionally, by integrating BNPL into their digital banking app, financial institutions can provide customers with real-time visibility of their installment plans, helping them stay on top of their financial commitments.
Enhancing the Debit Card Experience
Equipifi and SWBC’s partnership not only benefits consumers but also enhances the overall debit card experience. By offering a white label BNPL solution, financial institutions can differentiate themselves in the market and attract new customers. The ability to split payments and manage installment plans directly through the digital banking app provides a seamless and convenient experience for debit cardholders. This feature can also help financial institutions increase customer retention by offering a valuable and innovative service that aligns with their customers’ financial goals.
Acquisition and Retention Tool for Financial Institutions
The partnership between equipifi and SWBC provides financial institutions with a powerful acquisition and retention tool. By offering a white label BNPL solution, these institutions can attract new customers who are seeking flexible payment options. Additionally, the convenience and flexibility of BNPL can help financial institutions retain their existing customers by providing them with a valuable service that enhances their financial management capabilities. This partnership allows financial institutions to stay competitive in the market and meet the evolving needs of their customers.
Conclusion
The partnership between equipifi and SWBC brings exciting opportunities for financial institutions and their customers. By offering a white label BNPL solution, financial institutions can empower their customers with greater purchasing power and more effective financial management. The growing popularity of BNPL programs highlights the demand for flexible payment options, and this partnership allows financial institutions to meet these needs. With transaction value expected to surpass $100 billion by 2024, BNPL is a trend that financial institutions cannot afford to ignore. By leveraging equipifi’s technology and SWBC’s extensive network, financial institutions can enhance the debit card experience and provide a valuable service that attracts and retains customers.
