Chandler-based First Credit Union announced that it has added Buy Now, Pay Later (BNPL) to its suite of online banking products. First CU has selected equipifi, a leading BNPL platform also headquartered in Arizona, to power its solution.
First Credit Union is the first credit union to launch BNPL in Arizona. It has selected equipifi, a leading BNPL platform designed for financial institutions and also headquartered in Arizona, to power its solution. With this launch, First Credit Union will extend personalized, pre-qualified BNPL offers branded as FirstFunds to members in its digital banking experience. First Credit Union’s FirstFunds BNPL program serves its members through their shopping journey, and 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.
“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. “With the launch of FirstFunds BNPL powered by equipifi, we are making it easier for members to stretch their budget and manage their money from wherever they are.”
“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. “By launching BNPL, First Credit Union is delivering safe and intuitive access to credit in the way that their membership prefers. equipifi is proud to partner with First Credit Union to bring this program to consumers in our home state.”
First Credit Union joins dozens of credit unions across the United States that have launched their own BNPL product to their members. BNPL is projected to grow at a compounded annual rate of 25.5 percent between 2022-2026.
