BNPL. When we talked with Bryce Deeney, CEO of Equipifi, about his BNPL focused startup in December 2021 BNPL probably sounded to most listeners like a new alphabet soup and who really cared about it?
Flashforward and quite possibly you personally have used BNPL. If you haven’t a relative or friend definitely has. Companies like Aftrpay, Klarna, and Affirm are major fintech players. And there are mainstream entrants into BNPL such as American Express and Apple.
Here’s the question: where’s a place for credit unions in BNPL?
Know that the big BNPL players are busily making deals with retailers, both online and brick-and-mortar. They are disintermediating traditional financial institutions and that means you.
Enter Bryce Deener and Equipifi which have been busily creating tools for credit unions to offer BNPL as a payment option to their members. In this show, Deeney tells why a credit union needs BNPL in its arsenal (you don’t want to lose members do you?), why BNPL is so popular with so many of us (and it’s not just Gen Z by the way), and how BNPL has morphed in just a couple years.
Case in point: the majority of BNPL deals now feature interest payments or other fees. Didn’t know that? Understandably: two years ago the BNPL pitch was pay over 90 days, no fees, no interest. No more. Money is no longer free and the BNPL providers have morphed.,
And take heart because Deeney and his team are working hard to give credit unions a place at this table.