Generations Federal Credit Union (GFCU), a credit union serving over 50,000 consumer and commercial members, announced that it is adding GEN Pay, its branded Buy Now Pay Later (BNPL) solution, to its digital banking suite.
GFCU has selected equipifi, a white label SaaS designed for financial institutions, to power its BNPL solution. By connecting equipifi to its banking core, GEN Pay extends personalized BNPL offers to members that align with their financial health on eligible debit card transactions. GFCU's members will be able to access GEN Pay through their online banking to view and accept their BNPL offers within seconds.
"We're dedicated to becoming our members' one-stop shop for all of their banking needs," said Jessica Hernandez, VP of Operations of Generations FCU. "Adding BNPL not only enables us to be there for our members' important purchasing and budgeting moments, but also provides them a trusted payment option that many members are familiar with."
"70 percent of BNPL users in the US reported that they would have preferred this solution from their primary financial institution and 69 percent of them are next gen consumers," said Bryce Deeney, CEO and co-founder of equipifi. "Credit unions like Generations FCU are rolling out BNPL as a long-term commitment to their members."
BNPL grew 25 percent in transaction value last year and is projected to surpass $100 billion by 2024. According to the Consumer Financial Protection Bureau, 89 percent of all repayments in 2020-2021 were made through the debit card. GEN Pay is part of GFCU's initiative to design an elevated suite of debit card offerings to meet the evolving needs of its current and future members.
About Generations FCU
Generations Federal Credit Union (GFCU) was founded in 1940 to serve employees of the City of San Antonio, expanding to serve SA Fire Department and SA Police Department employees. GFCU now serves over 50,000 Consumer and Commercial members with multiple branch locations and virtual banking services, and holds $693.7 million in assets. Members enjoy competitive dividends and loan rates with low fees, and nationwide access through shared branching and electronic services. GFCU seeks to enhance the quality of life throughout its eight-county Field of Membership by promoting financial well-being, as well as through supporting and volunteering with community-serving organizations.
equipifi is a fintech SaaS powering banks and credit unions with Buy Now, Pay Later (BNPL) solutions that align with their customers' financial goals. The equipifi platform seamlessly integrates with financial institutions to help them 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 www.equipifi.com.