Gather FCU Becomes the First Credit Union in Hawaii to Launch BNPL

Gather Federal Credit Union in Hawaii has partnered with equipifi Inc. to become the first credit union in the state to offer buy now, pay later to its members. The credit union, which has more than 39,000 members on the islands of Kauaʻi and Niʻihau, will offer the service as part of its online-banking services.

The new payment option, called GatherFLEX, will allow Gather FCU members making eligible purchases on their debit card to repay the purchase in installments. Gather FCU members will also be able to get extra funds in their checking accounts through GatherFLEX’s pre-purchase feature.

Equipifi for its part will provide Gather FCU members instant, pre-qualified financing options without requiring a loan application or credit check. In addition, Scottsdale, Ariz.-based equipifi, which is a white-label BNPL platform for financial institutions, will offer Gather FCU members personalized BNPL offers that meet their financial goals and wherewithal.

Adding BNPL as a payment option will provide Gather FCU members “greater control and flexibility over their money,” the credit union says.

The buy now, pay later option has become an increasingly popular payment method and is forecast to grow in volume 24.3% annually through 2030, according to Grand View Research Inc. In 2022, the U.S. BNPL market was valued at $1.64 billion.

“BNPL is a must-have tool for consumers to stretch their budget and to achieve their long-term financial goals. For years, [consumers] have been asking for it from their trusted financial institutions,” equipifi chief executive Bryce Deeney says in a statement. “Credit unions have been quick to respond with the solution their members need. By launching BNPL, Gather Federal Credit Union is committing to a better banking experience for their entire membership.”