In a move to enhance financial flexibility and deliver a more seamless banking experience, Apple Federal Credit Union (Apple FCU) has launched a Buy Now, Pay Later (BNPL) solution branded PayAdvantage, becoming the first credit union in Virginia to offer such a service for debit card purchases.
The initiative is powered by equipifi, a leading BNPL platform tailored specifically for financial institutions. PayAdvantage allows Apple FCU members to split eligible debit card purchases into manageable installments, offering post-purchase financing through personalized, context-aware offers. Members can access these pre-qualified offers directly within their digital banking platform and typically receive funds in their checking accounts within moments.
“Flexible financing should be intuitive and effortless, and it’s our role as a trusted financial institution to provide a prompt and caring solution to our members,” said John Ritchey, Senior Vice President of Lending at Apple FCU. “Partnering with equipifi, our in-house program generates pre-qualified loans tailored for individuals, taking the waiting and uncertainty out of the financing process.”
PayAdvantage is designed to support members in achieving both short-term liquidity and long-term financial goals. The integration of equipifi’s platform ensures that financing options are delivered in real-time, aligning with each member’s unique financial context.
“BNPL is a must-have tool for consumers to stretch their budget and to achieve their long-term financial goals. For years, they have been asking for it from their trusted financial institutions,” said Bryce Deeney, CEO and Co-founder of equipifi. “Credit unions have been quick to respond with the solution their members need. By launching flexible payment options, Apple Federal Credit Union is committing to a better banking experience for their membership.”
Apple FCU joins a growing number of forward-thinking credit unions across the U.S. embracing BNPL solutions. To date, over 60 credit unions have launched their own installment payment offerings through equipifi. Usage data shows strong member engagement, with 81% continuing to use BNPL into the second year, and overall usage increasing by 38%. Nationally, BNPL is projected to grow at a compound annual growth rate of 25.5% between 2022 and 2026.
With PayAdvantage, Apple FCU reinforces its commitment to digital innovation and financial wellness, offering members greater control and convenience over how they manage their everyday expenses.
