Galileo Expands Buy Now Pay Later Solution to Include Post-Purchase Options for Credit and Debit
March 19 2024 - 7:00AM
Business Wire
New BNPL offering helps banks, fintechs give
consumers greater financial flexibility
Galileo Financial Technologies, a leading financial technology
company owned by SoFi Technologies, Inc. (NASDAQ: SOFI), announced
today an expansion of its Buy Now, Pay Later offering that allows
banks and fintechs to offer cardholders new post-purchase
installment payment options via their existing debit or credit card
account.
In addition to its Galileo Buy Now, Pay Later (BNPL)
pre-purchase offering, the new API-enabled BNPL post-purchase
offering is built for banks and fintechs looking to seamlessly
deliver their customers a more flexible financing opportunity. It
supports repayment options for both existing debit and credit
programs within established financial relationships.
BNPL is forecasted to surpass 900 million global users by 2027,
presenting a tremendous market opportunity for banks and
fintechs.
“This new offering bridges the gap between cards and loans and
allows banks and fintechs to establish and deepen customer
relationships with innovative, flexible financing options for both
credit and debit customers,” said David Feuer, Chief Product
Officer at Galileo. “By expanding pay over time opportunities,
post-purchase financing is ushering in a new era of responsible
lending.”
Post-purchase BNPL has key benefits for banks, fintechs and
their customers:
- Market differentiation: FIs and fintechs can add value
to their debit and credit programs with a flexible, transparent
financing model.
- Entry point into lending: Galileo's post-purchase BNPL
service provides a streamlined path for fintechs that are currently
only in the deposit space to enter the lending space.
- Drives incremental revenue: FIs and fintechs can tap
into additional revenue through installment fees.
- Financial access: Post-purchase BNPL financing
previously exclusive to credit accounts can be extended to debit
accounts.
- Transparent payment terms: Unlike with traditional
credit card interest, post-purchase BNPL with installment fees
gives consumers the benefit of seeing the total cost associated
with each purchase before committing.
- Flexible financing: Post-purchase BNPL transforms
conventional debit into a dynamic financial tool, offering the
flexibility to responsibly and efficiently manage money.
“Enhancing the accessibility of payment options is a fundamental
aspect of our commitment to promoting financial inclusion,”
continued Feuer. “With that in mind, one of the major perks of the
post-purchase BNPL offering is that it works across all merchants
where credit and debit cards are accepted today.”
For more information on the post-purchase BNPL offering, visit
docs.galileo-ft.com/pro/docs/about-galileo-buy-now-pay-later-post-purchase.
About Galileo Financial Technologies
Galileo Financial Technologies, LLC and certain of its
affiliates collectively comprise a financial technology company
owned and operated independently by SoFi Technologies, Inc.
(NASDAQ: SOFI) that enables fintechs, financial institutions, and
emerging and established brands to build differentiated financial
solutions that deliver exceptional, customer-centric experiences.
Through modern, open APIs, Galileo’s flexible, secure, scalable and
fully integrated platform drives innovation across payments and
financial services. Trusted by digital banking heavyweights,
early-stage innovators and enterprise clients alike, Galileo
supports issuing physical and virtual payment cards, mobile push
provisioning, tailored and differentiated financial products and
more, across industries and geographies.
©2024 Galileo Financial Technologies, LLC. All rights
reserved.
Galileo Financial Technologies, LLC is a technology company, not
a bank. Galileo partners with many issuing banks to provide banking
services in North and South America.
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Katie Boyless The Fletcher Group 404.791.8245
katie@fletchergroupllc.com
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