United Heritage Credit Union (UHCU), a financial institution with over $1.6 billion in assets and serving over 81,000 members, announced that it has added Buy Now, Pay Later (BNPL) to its suite of online banking products.
UHCU has selected equipifi, a leading BNPL platform designed for financial institutions, to power its solution. With this launch, UHCU will extend personalized, pre-qualified BNPL offers to members in its digital banking experience. UHCU’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, UHCU also keeps the member engagement, loan activity, and interest income from its BNPL program in house.
“At United Heritage Credit Union, we pride ourselves on how we serve our community and take care of our members’ whole financial being,” said Matthew Lyman, Chief Lending Officer at United Heritage Credit Union. “By providing flexible financing and quick access to funds within the banking app, we are positioned to be there for our members whenever and wherever they need. equipifi’s platform helps us do so in a safe and convenient way.”
“BNPL is a must-have tool for consumers to stretch their budget and to achieve their long-term financial goals. For years, they have been asking for it from their trusted financial institutions,” said Bryce Deeney, CEO and co-founder of equipifi. “Credit unions have been quick to respond with the solution their members need. By launching BNPL, United Heritage Credit Union is committing to a better banking experience for their entire membership.”
Over sixty credit unions have launched their own BNPL product to their members. equipifi’s data shows that over 81 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 United Heritage Credit Union
United Heritage Credit Union is a full-service financial institution whose vision is “To be your primary financial institution.” United Heritage has over $1.6 billion in assets, more than 81,000 members and 10 branch locations. Through innovative technology, exemplary service standards and competitive products, United Heritage is a strong force in the credit union industry. United Heritage Credit Union was established in 1957 and over 65 years later serves communities within the Bastrop, Bell, Blanco, Burnet, Caldwell, Hays, Lee, Milam, Travis, Williamson, Cherokee, Gregg, Henderson, Rusk, Smith, Upshur, Van Zandt or Wood counties as well as those that live in the rest of Texas through TXCC membership. For more information about United Heritage, visit uhcu.org. Federally Insured by NCUA.
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/.