#United States #First Credit Union #Buy Now Pay Later #equipifi #Chandler

First Credit Union Launches Innovative BNPL Service

In an exciting development for its members, First Credit Union has announced the launch of its Buy Now, Pay Later (BNPL) program, making it the first credit union in Arizona to offer such a service. Serving over 44,500 members and boasting assets exceeding $750 million, First Credit Union is committed to enhancing its members' financial flexibility and improving their overall banking experience.

What is BNPL?

Buy Now, Pay Later is a financial arrangement that allows consumers to make purchases and pay for them over time, rather than in a single upfront payment. This model has gained immense popularity as it provides consumers with greater flexibility in how they manage their finances. The BNPL market has seen substantial growth and is expected to continue expanding, with an estimated compounded annual growth rate of 25.5% from 2022 to 2026.

Details of the BNPL Program

The new BNPL program, named FirstFunds, is designed to accompany members throughout their shopping journey. One of the standout features of this program is its dual functionality:
1. Pre-purchase Feature: Members can access additional funds prior to making a purchase. This pre-approval mechanism equips them with the capacity to shop without financial strain, ensuring they can buy what they need when they need it.
2. Post-purchase Feature: After making a purchase using their debit card, eligible transactions can be converted into manageable installment loans, allowing for a smoother transition into repayment.

To power this innovative financial solution, First Credit Union has partnered with equipifi, a local leader in the BNPL sector that specializes in providing tailored solutions for financial institutions. The collaboration aims to provide a safe, intuitive, and integrated user experience within First Credit Union's digital banking platform.

Commitment to Member Needs

Jay Curtis, President and CEO of First Credit Union, remarked, “We are dedicated to offering a diverse range of financial products that genuinely cater to the needs of our members. The launch of FirstFunds BNPL is a significant step in furthering this commitment. It empowers our members to make purchases in a manner that stretches their budget and helps them manage their financial goals efficiently.”

Bryce Deeney, CEO and co-founder of equipifi, expressed enthusiasm about this collaboration, affirming, “By introducing BNPL, First Credit Union is not only meeting the rising demand for flexible payment options but is also enhancing its service offerings. We are proud to support this initiative in Arizona.”

Looking Ahead

As the trend for BNPL solutions grows, First Credit Union remains at the forefront, joining numerous other credit unions across the United States that have adopted similar offerings. This trend reflects a broader shift in consumer expectations, as more individuals seek financial services that provide flexibility and choice in managing their expenditures.

For First Credit Union members, this is more than just a new service; it is an opportunity to make purchases with confidence and convenience. As the credit union continues to innovate and adapt to the changing financial landscape, its mission remains clear: prioritize member welfare, enhance financial literacy, and offer products that facilitate financial health.

To learn more about the BNPL program and how it can benefit your shopping experience, visit First Credit Union's website today. Insured by NCUA, First Credit Union is committed to fostering a supportive, member-driven financial community.