Equififi, S2 to Offer BNPL to Digital Bankers | Techy Kings

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FinTech equipifi has launched an integration with the Q2 digital banking platform, offering Q2 customers access to a buy now, pay later (BNPL) solution.

According to a Tuesday (Nov. 1) news release, the collaboration — which took place through the Q2 Partner Accelerator program — will incorporate BNPL’s equipifi tool, which “integrates with banks and credit unions to organize offers that consumers can view, receive and manage through them.” . existing banking applications.”

Earlier this year, equipifi raised $12 million in Series A funding to further roll out its BNPL service to banks and credit unions. Scottsdale, Arizona-based Equififi has already signed a multi-year contract to provide services for seven financial institutions (FIs).

“Consumers rely on their primary financial institution to know them and their financial goals,” equipifi Co-Founder and CEO Bryce Deeney said in May.

“That’s why even though BNPL has seen rapid adoption through third-party lenders, the majority of consumers still look to their trusted financial institutions for better options. equipifi empowers banks and credit unions to take their customers shopping, providing a single place to view, receive and manage their BNPL plans on their existing online banking application,” said Deeney.

Read more: BNPL Transparency May Be Missing Link to Customer Loyalty

With this launch, equipifi taps into BNPL’s rapidly growing user population. PYMNTS research has shown that while buy-now, pay-later accounts for about 2% of all payments worldwide by the end of 2021, its sales volume is on track to double, exceeding $181 billion this year.

As adoption increases, with vendors like Klarna, Affirm and Afterpay reporting year-over-year growth of anywhere from 46% to 104%, retailers have joined in, for good reason: A recent report states that nearly half of consumers spend more when using BNPL compared to when they use credit cards.

“Increasing competition in the space has led BNPL providers to start offering loyalty programs as well, but loyalty within BNPL appears to be fragmented at best,” PYMNTS wrote in June. “Consumers are driven by opportunity — the best deals, the best delivery options, the availability of what they want. Most of BNPL’s sales are attributed to transient users.”

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https://www.pymnts.com/supply-chain/2022/digital-revolution-improves-supply-chain-and-b2b-logistics/partial/

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