Fupay and EML expand working payment partnership to launch Europe’s first transparent buy-now-pay-later programme
Australia ASX firms Fupay and EML Payments have declared that they have launched ‘Europe’s first responsible buy-now-pay-later’ (BNPL) programme, developed as a new service provided by Fupay’s virtual card.
Expanding their continued technology partnership, Fupay and EML have expanded their BNPL product to cover European territories, which aims to deliver the best ‘cash flow management’ solution for millennial users purchasing goods online.
Proven within Australia, Fupay launches its BNPL services within the crowded European marketplace, which hosts a number of incumbents including Klarna, Clearpay, PayPal Credit, ZIP provide low-cost fragmented credit purchases with online stores.
However, working with EML, Fupay states that it has developed the most comprehensive affordability toolkit for millennials shoppers utilising BNPL services.
Fupay’s millennial focussed money management platform uses Open Banking data to provide smart cash flow forecasting, actionable insights, responsible BNPL ‘smoothing’ and engaging spend benefits designed to help users make every penny count.
Michael Fredericks, Managing Director & Founder at Fupay, stated: ”When we started Fupay, we predicted the need to address the challenges faced by millennials meeting lifestyle costs, including a responsible millennial credit solution. We’ve focussed on addressing the solution rather than focussing on selling a thin BNPL product as quickly as possible.”
“There’s a clear need for BNPL organisations to do more to ensure their customers can afford to repay credit extended to them and be more accountable for their customers’ financial safety. We’ve seen a growing appetite from customers and regulatory bodies to see real responsibility, and Fupay is championing this mature approach to trending payments tech alongside EML.”
Expanding their partnership beyond the Australian market, Fupay and EML predict rapid take-up of its BNPL service, providing users the most transparent oversight of their spending and cost allocation.
Fupay and EML note a number of inbound ‘European firsts’ for BNPL users, including low touch e-identity verification and affordability assessment, personalised and flexible payment options based on the user’s cash flow and real-time virtual card and payment options available in one app.
Sarah Bowles, Group Chief Product Officer at EML, commented: ”EML’s thrilled to expand our connection with Fupay beyond Australia into a true growth collaboration. Our exciting new venture brings together EML’s virtual card, A2A payments, the newest Open Banking products and Fupay’s best-in-class cash flow and millennial credit product to create a market-leading white-label offering. We’re impressed with Fupay’s groundbreaking platform and see the absolute need for this type of solution to enable merchants and enterprises to deliver an exceptional user experience without needing to become payment experts.”