equipifi’s Post

Why are financial institutions offering Buy Now, Pay Later as a part of their digital banking experience? Because their cardholders want to use it. Here's what we know from our #BNPL launches: ⚡ Uptake happens fast: Nearly all FIs that launch BNPL with equipifi see loan activity on Day 1 of going live 💯 The solution is intuitive: Your cardholders understand BNPL. When they know they have offers in their online banking, they engage 🔆 They're gonna love it: Most cardholders take out multiple loans, and first time users come back again and again Want results like this for yourself? Let's chat!: https://lnkd.in/ePC7f6Zx #Buynowpaylater #creditunion #digitalbanking #payments #lumin #symitar Associated Credit Union of Texas (ACU of Texas) Eilene Markus

According to the 2023 PYMNTS Intelligence report “The Credit Accessibility Series: BNPL’s Wide-Ranging Impact on Consumers and Merchants”, BNPL is more preferred for its effective cash flow management than for being no-interest for shoppers.   👉 53,3% of respondents consider that feature as the most important reason for choosing BNPL, while only 11,2% mention the low or no interest rate.   This witness the tendency to leverage BNPL as a valid opportunity to effectively manage own expenses budget.   In addition, it is also the evidence that shoppers are more focused on convenience than on affordability. #BNPL #lending #payments #fintech #creditcards

🌐 Kick off your week by expanding your knowledge of the payment processing world. ✅ Payment Gateway: The technology that captures and transfers payment data from the customer to the acquirer. It acts as a secure bridge between your website and the payment processor. ✅ Payment Processor: This communicates the transaction details between the merchant, the issuing bank, and the acquiring bank. It ensures that the transaction is authorized and completed. 🔗 Learn more with us >> https://key2pay.online/ . . . #payments #Key2Pay #paymentsecurity #paymentoptions #securetransactions #onlinebusiness #onlinepayments #didyouknow #interestingfacts #mondayfunday

The Consumer Financial Protection Bureau (CFPB) today (May 22) issued an interpretive rule that confirms that Buy Now Pay Later (BNPL) lenders are credit card providers! BNPL lenders such as Klarna, Afterpay and Affirm should be treated in some ways like credit card providers, according to one US financial regulator - CFPB. Like credit card providers, BNPL firms must investigate disputes, refund returned products or voided services, and provide billing statements. Latest interpretation brings Buy Now, Pay Later (BNPL) companies closer to the regulatory framework of credit card providers, although BNPL firms are not required to assess consumers' ability to repay short-term installment loans. For some time, BNPL providers have anticipated greater regulation. The global BNPL market is projected to grow from $37.19 billion in 2024 to $167.58 billion by 2032, as per the recent report. This move marks a significant step in integrating BNPL firms into the existing regulatory landscape, ensuring fair competition and consumer protection. #creditcards #BNPL #ConsumerProtection #Credit #Klarna #Regulations #Fintech

PSPs 🤝 Pay by Bank ️🤝 Merchants In episode 3 of #PayByBank explained, Fredrik Bergström lists seven reasons why so many Payment Service Providers, like our partner Adyen, are adopting this fast-growing payment method 🚀 #openbanking #payments #fintech

It's not frosting. It's part of the cake. 🍰 If you think of Buy Now, Pay Later as a vanity investment, it's time to look at your data and think again. Here’s what we know from launching BNPL with dozens of financial institutions: ⚡Your cardholders are using 3rd-party #BNPL: 3 out of 5 consumers have used BNPL in the last year, and 79% are highly satisfied 💯 They're paying for BNPL with their debit cards: 89% of 3rd-party BNPL repayments are made on the debit card 🔆 They're getting offers for BNPL debit cards: Over 700K consumers today have an #Affirm debit card. Banks such as #Chase have also introduced BNPL for their debit cards. How does BNPL look for your FI? Let's find out: https://lnkd.in/ePC7f6Zx #Buynowpaylater #creditunion #digitalbanking #payments Jessica Hernandez Generations Federal Credit Union PYMNTS

Buy Now, Pay Later (BNPL) has made a significant impact on the lending landscape. In fact, since 2014 we processed a total of 53.8 million BNPL transactions with a combined value of £3.7 billion 🛍️ What was once a niche trend, is now a mainstream financial option and it pays to be in the know. Take a look at our BNPL report to learn how consumers are using it and what this means for lenders: https://lnkd.in/eUgGq2wg #BuyNowPayLater #FinancialServices #FinancialTrends

💵 Buy Now, Pay Later (BNPL) will revolutionize the finance sector with it's advanced customized payment plans for every customer.    💹 This means smoother transactions and a more intelligent banking experience. Integrating BNPL seamlessly can enhance bank efficiency and customer satisfaction. 👉 Swipe now and Embrace BNPL for a forward-thinking experience! #BNPL #BuyNowPayLater #FinancialServices #Insurance #FinanceIndustry #FinTech #CustomerSupport

Over 63% of global consumers use real-time cross-border payments to send money to family and friends, surpassing the 51% who use it for paying for goods and services. The service's 24/7 availability, reduced transaction costs, and liquidity ease have fueled its growth. #CrossBorderPayments #RealTimePayments #GlobalRemittances #DigitalBanking #PaymentTrends #Fintech #MoneyTransfers #FinancialInclusion #Remittances #FintechInnovation

🛍️ BNPL Are Credit Cards?!    Right after CFPB’s funding question was cleared by the Supreme Court, the regulator served BNPL with an interpretive rule. “Buy Now, Pay Later lenders are credit card providers”. Wait. What? How can BNPL be the same as credit cards? Haven’t BNPL players always positioned themselves as the new and better alternatives to credit cards? The above statement is true. However, in CFPB’s eyes, there is no difference between these two products. “Like conventional credit cards, Buy Now, Pay Later combines payment processing and credit services, while charging transaction fees to merchants.” Hence the regulator calls out BNPL’s duties under the Truth in Lending Act: 📍 Investigate disputes 📍 Provide billing statements 📍 Refund returned products or canceled services It is a clever move for the regulator to leverage existing regulation. After all, if a regulation is designed well, it should cover existing and new lending products. Meanwhile, the identity you are fighting hard over the years to break away from, in others’ eyes, is an integral part of - you. Such is consumer credit. Such is life. #consumercredit #riskmanagement #newlending #bnpl #creditcard