MAP Newsletter - Winter 2024 - Flipbook - Page 7
ISSUE 58 | Winter 2024
Equipifi adds Pay-in-4 BNPL
option for debit card issuers
Equipifi is adding a new white-label buy now, pay later (BNPL) option for
debit card issuers. The new Pay-in-4 option will allow consumers to convert
transactions to installment plans at no interest, to be paid back in four
equal payments every two weeks.
Previously only available from third-party BNPL providers, Pay-in-4 is attractive to first-time BNPL users due to the clarity of its terms and the short
repayment timeline. The new offering is designed to help credit unions drive
adoption of their checking account and debit card products and compete
against direct-to-consumer FinTechs.
Equipifi’s Pay-in-4 option will be offered to credit unions through its BNPL
solution embedded in core banking and digital banking offerings, and Payin-4 will encourage them to deepen their relationship with their debit card
issuer.
“Megabanks are entering into the BNPL arena to join successful third-party
providers like Affirm, PayPal and Apple, which have gained market share in
debit card and BNPL solutions,” Equipifi Co-founder and CEO Bryce Deeney
said in the release. “Pay-in-4 not only helps thousands of banks and credit
unions stay competitive but also helps serve the consumers who call these
financial institutions home for their banking needs.”
equipifi is the first to offer Pay-In-4 capabilities to banks and credit unions
through a BNPL solution embedded in multiple leading core banking and
digital banking solutions.
According to research from PYMNTS Intelligence, 70% of consumers want
access to BNPL plans offered by their community financial institutions
more than Fintechs. The research found consumers who plan to use BNPL
products want to trust their credit provider, which is where the financial
institution may hold some advantage. The report found that 12% of consumers cited trust as the most important factor in selecting a credit product.
Industry News
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tors to demand further information regarding fraud and scams on Zelle.
In complying with the request, Zelle noted that fraud and scam claims
totaled 240,000 in 2022, up from 80,000 in 2020.
Consumers look to BNPL to avoid card debt. Consumers’
concerns about incurring credit card
debt is pushing many shoppers to
consider buy now, pay later loans
(BNPL) as a budget-management
option, according to a report from
the payments firm Klarna. Some
53% of respondents expressed concern about incurring credit card
debt. Among Gen Xers and Gen Zers that percentage rose to 58%. In addition, 47% of respondents believe they will be unable to pay their credit
card bills in full. As a result of consumers’ concerns about credit card
debt, 81% of all respondents and 89% of Gen Zers said they find the
BNPL option—splitting a purchase into four equal payments that do not
incur interest or an additional fee—appealing.
Call Center Fraud Is up 39%. Fraud at call centers operated by
financial services organizations
increased 39% from 2019 to 2022,
according to new data from TransUnion. The report also found 50%
of financial-services call centers
experienced fraud. The report looked
at top fraud types. Credit cards accounted for 6.5% of digital fraud in
2022, a 76% increase from 2019. That was followed by account takeover
at 6.3%, an 81% increase. True identity theft, ACH/debit, and synthetic
identity completed the top five. Within the United States, 51% of adults
cited identity theft as their top fraud concern, followed by stolen credit
card, 48%, and phishing, 38%.
Marijuana businesses sue for FI access. A coalition of marijuana businesses has filed a lawsuit against the U.S. attorney general,
seeking to block the federal government from enforcing cannabis prohibition against their state-legal activity. They claim perpetuating prohibition in state markets is unconstitutional, alleging that while Congress
originally banned marijuana through the Controlled Substances Act (CSA)
in an attempt to eradicate interstate commerce, ostensibly giving the
government a basis to enforce prohibition at the state level, lawmakers
and the executive branch have since “abandoned” that mission as more
states have enacted legalization.
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