CHANDLER, Ariz.—The $750-million First Credit Union here has added buy now, pay later to its online banking products.
First Credit Union’s FirstFunds BNPL program includes both a pre-purchase feature that gives members access to extra funds prior to shopping, and a post purchase feature that converts eligible debit card transactions into installment loans, the CU said.
First Credit Union said it is the first credit union to launch BNPL in Arizona.
It has selected equipifi to support its solution.
"First Credit Union is dedicated to providing a variety of financial products and services that can improve members flexibility to meet their financial needs," said Jay Curtis, president and CEO at First Credit Union.
"Buy Now, Pay Later is a financial service that consumers want and are increasingly expecting from their primary financial institutions," said Bryce Deeney, CEO and co-founder of equipifi.
Consumer Behavior Is Changing
In San Diego, the $1.3-billion BluPeak CU has also introduced a BNPL product.
With the solution, backed by equipifi, members can check pre-qualified BNPL offers in their digital banking platform and quickly receive funds back into their checking accounts, the CU said.
Members can make payments over time on eligible purchases via their credit cards with FlexPay, which integrates directly with BluPeak's core banking system.
"Consumer behavior is changing, and today they prefer to use BNPL when making purchases to stretch their budget and better manage their finances. Our mission is to be at the forefront of financial innovation, listening to member needs, and constantly adapting to ensure we deliver on our commitment to provide exceptional world class products and services. Our collaboration with equipifi is a testament to this commitment," said Vito Zerilli, chief experience officer, BluPeak.