Arizona Financial Introduces Buy Now, Pay Later for Enhanced Member Experience

Arizona Financial Launches Buy Now, Pay Later to Enhance Member Experience

Arizona Financial Credit Union, with assets totaling $3.3 billion and serving over 170,000 members, has made a significant improvement to its services by introducing a Buy Now, Pay Later (BNPL) option. This new feature, integrated within their digital banking suite, enables members to enjoy greater financial flexibility and instant access to funds.

In collaboration with equipifi, a prominent BNPL provider specifically tailored for financial entities, Arizona Financial aims to deliver a seamless BNPL experience. This partnership ensures that members receive personalized, pre-qualified BNPL offers directly in their banking interface. This feature is designed to assist members throughout their purchasing journey, providing access to additional funds prior to shopping or converting eligible debit card transactions into installment loans after purchase.

Eric Givens, the Senior Vice President of Research and Development at Arizona Financial, stated, "We're proud to partner with equipifi to provide our members with an in-house BNPL solution that is easy to use, reliable, and fair. We've observed that many of our members are increasingly using third-party BNPL options, leading us to recognize that launching this service is essential for our community's banking needs."

The introduction of BNPL is crucial for credit unions like Arizona Financial to maintain relevance and facilitate growth among their membership base. As highlighted by Bryce Deeney, co-CEO and co-founder of equipifi, "Buy Now, Pay Later is a must-have service for credit unions to stay relevant to their members and for future growth. Its growing popularity enhances the overall banking experience."

The adoption rate of BNPL services is on the rise, with equipifi's data indicating that over 79% of users continue to use BNPL services into their second year, and overall usage has surged by 38%. The BNPL market in the U.S. is anticipated to expand at a compound annual growth rate (CAGR) of 25.5% from 2022 to 2026, which certainly underlines the importance of this trend in the financial industry.

Arizona Financial is more than just a banking institution; it is a not-for-profit financial cooperative focused on providing valuable consumer and small business banking services. Established in 1936, Arizona Financial has consistently ranked high, being listed by Forbes as the number one credit union in Arizona for 2024. The credit union seeks to empower its members by providing cutting-edge self-service tools and mobile applications, competitive loan rates, and expert lending solutions, while maintaining a strong commitment to community involvement.

For those looking for an innovative banking experience, Arizona Financial's introduction of Buy Now, Pay Later alongside its robust services reinforces its promise to remain responsive to members’ needs. As it continues to grow and adapt, this credit union remains dedicated to ensuring all 170,000 members feel equipped for their financial futures.

Additionally, Arizona Financial has become an integral part of the community, being the sponsor of the Live Nation Theatre and the exclusive credit union partner of the Phoenix Rising FC. With 20 branches across the Phoenix metropolitan area and western Arizona, members can access their accounts nationwide through the CO-OP network, which includes 5,000 credit union branches and 30,000 ATMs.

In summary, with the launch of its Buy Now, Pay Later service, Arizona Financial is not just enhancing convenience but also enriching the financial lives of its members, positioning itself as a dynamic player in an ever-evolving banking landscape. For further information, please visit ArizonaFinancial.org.