TruPartner Credit Union (TruPartner) with over $160 million in assets and serving over 14,000 members, announced that it has added Buy Now, Pay Later (BNPL) to its suite of online banking products.
TruPartner has selected equipifi, a leading BNPL platform designed for financial institutions, to power its solution. With this launch, TruPartner will extend personalized, pre-qualified BNPL offers to members in its digital banking experience. TruPartner’s BNPL program serves its members through their shopping journey. It 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.
TruPartner’s mission is to provide innovative, people-first solutions that support the financial well-being of all in our community. “This is a great way to serve our members across all the demographics we serve,” said Nina Myers, CEO of TruPartner. “We don’t want members to sacrifice convenience to have their accounts with us. Credit unions are often seen as less tech-forward and we hope to change that perception with solutions like this.”
“Buy Now, Pay Later is a must-have service for credit unions to offer to stay relevant to their membership because of its popularity and its halo effect on the entire banking experience,” said Bryce Deeney, CEO and co-founder of equipifi. “By launching BNPL, TruPartner is delivering safe and intuitive access to credit in the way that their membership prefers and committing to supporting their membership and their financial goals.”
Over fifty credit unions have launched their own BNPL product to their members. equipifi’s data shows that over 79 percent of members continue to use BNPL in year two, with overall usage increasing by 38 percent. In the US, BNPL is projected to grow at a compounded annual rate of 25.5 percent between 2022-2026.
About TruPartner
TruPartner Credit Union is a member-owned, not-for-profit financial institution focused on financial inclusion. TruPartner Credit Union is open to anyone who lives, works, worships, or attends school in Hamilton, Butler, Clermont, and Warren Counties. It has been serving members since its inception in 1937.
About equipifi
equipifi is the leading Buy Now, Pay Later (BNPL) platform for financial institutions in the United States. This is a white label solution designed to align with consumer purchase habits, payment preferences, and financial goals. The equipifi platform seamlessly integrates with leading banking cores and digital banking platforms to deepen customer engagement, grow market share, increase revenue, and provide a single place to view, accept, and manage BNPL plans on their existing banking app. For more information, please visit http://www.equipifi.com/.
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