The rise of buy now, pay later (BNPL) options is reshaping consumer payment preferences, with credit unions rapidly adopting these services to stay competitive. Financial Plus Credit Union in Flint, Michigan, recently launched a BNPL option in partnership with Equipifi, allowing members to split debit card purchases between $200 and $2,000 into manageable payments over three to nine months. This trend is not isolated; smaller credit unions are increasingly partnering with fintechs to offer BNPL services, competing with established providers like Affirm and Klarna. As of fall 2023, 9% of U.S. consumers utilized BNPL, reflecting a 40% increase over two years. Equipifi reports significant growth, with many credit unions exploring BNPL options. Analysts predict that as consumer expectations evolve, more credit unions will embrace BNPL, enhancing their service offerings without the need for extensive internal resources. This shift marks a significant change in how consumers manage payments, positioning BNPL as a standard expectation in financial services.
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