U.S. Bank’s Split BNPL Card
U.S. Bank, the sixth largest U.S. credit card issuer based on purchase volume, created Split Card to boost new credit card account acquisitions.
Area of Interest: Buy Now Pay Later (BNPL)
Splitit to Test Installment Payments for US Debit Cards
Splitit will embed its card-linked installment loan technology into the Hogan core banking software platform owned by information technology company DXC. Visa and Mastercard debit card issuers that use Hogan software will be able to offer Splitit to their cardholders on a white-labeled basis. Among providers of flexible installment and buy now, pay later (BNPL) […]
Koin Offers Fraud Fighting, BNPL and Payments
Koin states that its success is based on its AI models that were built exclusively using data from Latin America merchants and designed to predict how legitimate users should behave.
Visa Adds BNPL Cards
Most buy now, pay later (BNPL) purchases initiated through fintechs are authorized outside of the global card networks yet the vast majority of those transactions are paid off using a global brand debit card.
Affirm’s AdaptAI Helps Merchants Target Offers
AdaptAI provides customized promotions and credit offers to specific consumers who merchants want to target. Use cases could include a 12-month 0% APR for first-time buyers or a 36-month plan linked to a seasonal event.
Splitit’s Embedded White- Label BNPL for Merchants
Among providers of buy now, pay later (BNPL) and installment loan payment options, Splitit is different. The company’s service is embedded in the merchant’s checkout page on a white-label basis, and the pay-over-time option comes from the line of credit tied to a cardholder’s credit card. Competitors typically present their own consumer-facing brand and underwrite […]
CFPB Actions Updated
The regulator said that the banks did not properly investigate consumer complaints consistently or on time and did not provide reimbursements for fraud or errors as required by Regulation E of the Electronic Funds Transfer Act.
FIS and Affirm are BNPL Partners for Debit Cards
Cardholders will be able to use an issuer’s mobile app or visit the issuer’s digital banking site to select BNPL for a purchase they just made. Or they can use those same channels to preauthorize an amount for BNPL, a feature that would likely be used for more expensive purchases.
Funding for Affirm’s Installment and BNPL Loans
Unlike full-service banks, which can use consumer deposits to fund loans, Affirm and similar companies must seek wholesale funding through capital markets.
CFPB Rules on BNPL
The latest interpretive rule from the CFPB on May 22, 2024, subjects buy now, pay later (BNPL) companies to the Truth in Lending Act (TILA), Regulation Z, subpart B which also pertains to credit card issuers.