Pioneer Federal Credit Union (Pioneer FCU), a $746 million financial institution serving 49,171 members, has launched its in-house Buy Now, Pay Later (BNPL) solution to elevate its digital banking experience for its members.
Pioneer FCU has selected equipifi, a leading BNPL platform designed for financial institutions, to power its solution. With this launch, Pioneer FCU will extend personalized, pre-qualified BNPL offers to members in its digital banking experience. Pioneer FCU’s 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. Using equipifi, Pioneer FCU also keeps the member engagement, loan activity, and interest income generated from its BNPL program in house.
“Pioneer FCU is committed to building lifelong relationships with our members no matter their financial context, and to providing them with the tools they need to be comfortable and successful,” said Tracey Miller, EVP / VP of Operations at Pioneer FCU. “With the launch of BNPL powered by equipifi, we’re ensuring that our members have access to the best financial flexibility solution in the marketplace right in their banking app.”
“Credit unions have been redefining what consumers can anticipate from Buy Now, Pay Later, and are consistently outperforming third-party BNPL solutions when it comes to their membership,” said Bryce Deeney, CEO and co-founder of equipifi. “By launching BNPL, Pioneer FCU is not only providing an innovative and intuitive flexible financing tool their members prefer, but also being the trusted financial institution members can turn to whenever they need.”
Over sixty 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 Pioneer Federal Credit Union
Pioneer Federal Credit Union is known for its commitment to the deep-rooted credit union philosophy of “People Helping People.” Its commitment to improving the quality of life for its members and the people in the community dates back over seventy years. Pioneer goes there with innovative, substantive, and low-cost financial solutions by delivering financial rewards through a comprehensive line of products and services to complement any lifestyle and budget, so its members get to where they need to be financially.
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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