Generations Federal Credit Union launches BNPL solution

Thursday 2 November 2023 08:04 CET | News

US-based Generations Federal Credit Union (GFCU) has launched GEN Pay, a Buy Now, Pay Later (BNPL) solution, in collaboration with equipifi

By connecting equipifi, a white-label SaaS designed for financial institutions, to its banking core, GEN Pay provides personalised BNPL offers to members that align with their financial health on eligible debit card transactions. GFCU’s members can access GEN Pay via their online banking account to view and accept their BNPL offers.

US-based Generations Federal Credit Union (GFCU) has launched GEN Pay, a Buy Now, Pay Later (BNPL) solution, in collaboration with equipifi.

According to officials, the addition of BNPL enables GFCU to provide its members with a purchase and budgeting solution, as well as a trusted payment option that many customers are already familiar with. GEN Pay is part of GFCU’s objective to develop an elevated suite of debit card offerings to meet the evolving needs of its current and future customers.

Recent research data shows that a large share of BNPL users reside in the US, with the number reaching approximately 70 million in the region. The number increased by 56.1% compared to 2022 and accounts for approximately 22% of all BNPL users worldwide. 

GEN Pay’s features and capabilities

With the new BNPL solution, customers can make purchases using their debit cards, while also being able to view available offers on eligible purchases, decide their instalment plan, and receive their purchase amount deposited back into their account within 24 hours. Eligible purchases for offers need to be made with a debit card in the past 60 days and amount to at least USD 100, while not being a cash equivalent purchase, including ATM withdrawal, money order, or cash advance.

In addition to the newly launched solution, GFCU also provides its customers with checking and savings accounts, eServices, loans, credit cards, investments, and insurance. For its commercial clients, the credit union offers savings, loans, and insurance services.

More information about equipifi

With its capabilities, equipifi enables banks and credit unions with BNPL solutions that align with their customers’ financial objectives. The company’s platform integrates with financial institutions to help them improve customer engagement, grow market share, increase revenue, and provide a single place to view, accept, and manage BNPL plans on their existing banking apps.

At the beginning of the year, equipifi partnered with Associated Credit Union of Texas to allow credit unions on banking cores to provide BNPL services. Through this collaboration, members of the ACU of Texas can leverage BNPL as a payment method via their existing cards. Moreover, it allows credit unions to determine eligibility by using data from the banking core and present BNPL offers to debit cardholders within their digital banking app. 

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Keywords: partnership, BNPL, instalment payments, debit card, online payments
Categories: Payments & Commerce
Companies: equipifi, Generations Federal Credit Union
Countries: United States
This article is part of category

Payments & Commerce



Generations Federal Credit Union

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