The Financial Brand
The Power of BNPL Partnerships
Partnering with card networks, tech companies and fintechs is the quickest and easiest way for banks and credit unions to get into the buy now, pay later game. Some have already begun to do so, says Sheridan Trent, senior analyst at The Strawhecker Group.
Only 2% of community banks currently offer BNPL services, according to an American Banker survey. However, 14% say they would be interested in doing so in conjunction with a partner. These opportunities exist and banks can look at them as a viable way to enter the buy now, pay later market.