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Fupay expands BNPL for groceries and petrol

Thursday 31 March 2022 13:26 CET | News

Australia-based fintech Fupay has offered Buy Now, Pay Later for groceries and petrol as it expands to new categories in the country.

After expanding into rent in 2021, the local BNPL outfit has announced new partnerships in the grocery and fuel sectors with Foodworks, IGA Marketplace, and United Petroleum. The new moves come amid continued global scrutiny of the sector’s customer protections, which has faced inquiries in Australia, along with the US and UK.

However, Fupay touts its service as responsible, using ‘customer transactional data, machine learning, and technology to provide users with a forward view of pay-cycles’. Company officials said the initiatives were focused on helping merchants address a younger consumer base that no longer uses credit cards but still required a credit service to manage money.

The company claims its service protects users from the financial harm that can be caused by traditional credit by providing transparency on its platform to consumers on their spending habits, red flagging future cash flow issues, and encouraging saving.

This includes services built into its platforms like its app, Flow, which enables real time insights into customer eligibility for BNPL and personal loans. Another feature, SmartSpend, provides cash back rewards and switch-and-save options based on personalised spending insights.

Fupay, which also offers its white label service to banks and larger organisations looking to offer a BNPL product, operates with a holistic approach to credit, which it says has greater consumer protection built-in.


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Keywords: BNPL, expansion, instalment payments, online payments, machine learning
Categories: Payments & Commerce
Companies:
Countries: Australia
This article is part of category

Payments & Commerce






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