Read the original article from PYMNTS here.
Here is a brief summary of the article:
- PSCU/Co-op Solutions has launched a BNPL solution for credit card issuers.
- The solution allows cardholders to convert their transactions into a buy now, pay later arrangement.
- Credit unions can use the BNPL tool to proactively engage with members and tailor eligibility criteria based on different card products and member cohorts.
- The solution addresses cash positioning and helps members achieve their financial goals, establishing credit unions as forward-thinking financial institutions.
- The BNPL solution is perfect for scenarios where credit unions can reach out to members after specific purchases, such as a significant home improvement expense or a special event purchase.
- Credit unions can stay competitive in the evolving lending landscape by offering BNPL services and polishing their digital innovation bonafides.
- The solution’s dynamic eligibility criteria is a way to future-proof offerings and service members.
- Credit unions can leverage their existing relationship with members to extend BNPL services and establish themselves as members’ primary financial relationship.
