Banks often do not have the digital wherewithal for BNPL.

Amount offers banks saddled with legacy technologies a wide range of digital, white label products such as for omnichannel digital account opening, fraud prevention, identity verification, loans, deposits, and credit cards. The firm announced a partnership with card issuing platform Marqeta (NASDAQ: MQ) to help banks compete in the buy-now-pay-later (BNPL) sector, which has been taken over worldwide by fintechs such as Klarna, Afterpay (ASX: APT) and PayPal (NASDAQ: PYPL). (CISION PR Newswire)

Amount and Marqeta will help banks rapidly enter the BNPL space through their BNPL offering and virtual card.

Banks to win their rightful share of BNPL pie

Their product will allow banks to claim their share of a BNPL market that will potentially grow 4X between 2021 and 2026. Furthermore, studies show that nearly half of consumers who have used BNPL would prefer to avail the service from their bank or credit card provider, making it imperative for banks to roll out their product as soon as possible.

Amount’s fully configurable omni-channel BNPL solution and Marqeta’s instant virtual card issuance are fully integrated and seamless. They make the product rollout easy for banks, and allow for the flexibility to expand across channels and payment options.

Amount’s BNPL solution for banks is modular, configurable, and built specifically to help banks enter the BNPL space.

“With escalating consumer expectations for simple, digital experiences at every step, banks must compete or continue to lose market share to digital challengers who offer a more flexible way for their customers to pay,” said Adam Hughes, CEO of Amount. “We continue to develop and expand our platform to give banks the agility and tools they need to create high-value interactions at the point-of-sale. As a leader in modern payments and innovation, Marqeta shares our vision and is the ideal partner to bring best-in-class solutions to banks.”

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