BNPL Fintech equipifi Integrates Into Q2’s Platform
The move comes as more people look to BNPL services through their trusted financial institution.
The Scottsdale, Ariz.-based fintech company equipifi has worked with a number of credit unions over the years with its Buy Now, Pay Later (BNPL) solutions that are integrated to align debit cardholder’s payment preferences and financial goals.
On Tuesday, equipifi officials announced it has performed a significant integration of its own. equipifi’s BNPL solution has been integrated into the Austin, Texas-based fintech giant Q2’s Digital Banking Platform.
According to research, the BNPL trend has been growing among consumers, especially since the beginning of the pandemic. In its report “Banking On Buy Now, Pay Later: Installment Payments And FIs’ Untapped Opportunity,” compiled by PYMNTS and BPNL fintech company Amount, “70% of current BNPL users say they would be interested in using BNPL plans from their banks if such offerings were available. The interest is high among those who use such plans and those who are not users. Just 7% of consumers who use BNPL say they are less interested in a bank product than one offered by another company.”
Q2 Innovation Studio Managing Director Johnny Ola said, “We are pleased to see equipifi join the Partner Accelerator Program. Our financial institution customers now have the option to offer equipifi’s Buy Now, Pay Later services to their account holders.”
“Consumers have become accustomed to flexible purchasing options through third-party vendors that are currently offering BNPL solutions, and they have the same expectations of their financial institutions when establishing their preferred payment methods,” Bryce Deeney, co-founder and CEO of equipifi, said. “Through equipifi’s integration with Q2’s Digital Banking Platform, Q2 customers will have the ability to offer more convenient payment methods for their customer’s buying journey.”