Galileo Financial Technologies is revolutionizing the buy now, pay later (BNPL) landscape with an innovative expansion that allows banks and FinTechs to offer installment payment options to their cardholders. This new solution is integrated with existing debit and credit cards, enabling consumers to enjoy post-purchase financing with clear visibility of the total cost upfront, unlike traditional credit card interest charges. The offering is designed to bridge the gap between traditional card payments and loans, fostering stronger customer relationships through flexible payment solutions. It also opens up opportunities for FinTechs to enter the lending space and potentially increase revenue through installment fees. The timing of this expansion aligns with the growing trend of consumers using BNPL services to manage their purchasing power and improve their credit scores, with many reporting significant increases in their credit ratings after using BNPL services.
Read the full article here.