UATP Strengthens 'Buy Now, Pay Later' options with Floa
Partnership with Europe-focused BNPL leader increases the range of alternative forms of payment available to UATP Merchants
WASHINGTON, Oct. 9, 2024 /PRNewswire/ -- UATP, the global network that enables organizations to simplify payment processes to expand their capabilities, has added installment payments innovator Floa as a new option for merchants.
The partnership, slated to go live in Q4, will open up Floa well-established Buy Now Pay Later (BNPL) payment solutions, to UATP's Network. Floa BNPL solutions are a flexible form of short-term financing that allows consumers to split their payment in 3 or 4 equal installments over 90 days.
Floa, owned by BNP Paribas, is the French leading provider in travel sector for installment payment solutions online and in stores. Floa widely offers its BNPL solutions with partners such as Selectour, MisterFly, Pierre & Vacances, Center Parcs and Iberia. Today, Floa has more than four million users and is also present in Spain, Belgium, Italy, and Portugal, with plans to expand into Germany, Luxembourg, and the Netherlands.
Demand for BNPL is on the Rise
BNPL has rapidly gained traction with consumers, prompting merchants across verticals and markets to consider adding it as an option at checkout. The FIS-Worldpay Global Payments Report 2024 found that, globally, BNPL transaction values jumped 18% year-on-year between 2022-23 and anticipates a CAGR of 9% through 2027.
The latest Floa-Kantar survey https://group.bnpparibas/en/news/buy-now-pay-later-solutions-are-reaching-maturity-and-becoming-a-part-of-daily-lifefound that 68% of Europeans have already shopped in installments or via deferred payments, and 40% use this option at least eight times a year. 38% of European consumers using BNPL have used it for travel expenses. This payment facility has become a genuine growth lever for merchants in Europe because 1 in 2 users would be ready to change brands to benefit from it (54%).
This survey also discovered traveler preferences for alternative forms of payment differ across markets. In France, Spain, and Portugal, they tend to use more payment in three or four installments, whereas in Germany, Netherland and Belgium, deferred payment is far more popular.
This strong regional preference for BNPL highlights the importance of the Floa partnership and advances UATP's aim of empowering Merchants to offer the right payment option to the right customer at the right time.
A Partnership Based on Mutual Success
"Travel is one of the strongest use cases for installment payments, Floa and UATP have the domain expertise to become a leading provider of BNPL for European-based travel merchants," says Marc Lanvin, deputy general manager of Floa. "We look forward to working together with UATP to help customers realize their travel projects with a first-class payment solution."
Both UATP and Floa acknowledge that speed-to-market is one of the key drivers of the partnership. UATP's platform has been architected so that implementing new payment providers and methods can be achieved through a single integration, using existing connections and technologies, taking less time and requiring fewer resources.
"Floa is a significant player in the BNPL space in some of Europe's biggest markets and has identified travel as a growth sector which can be best targeted through the UATP Network," said Zach Ornelas, UATP's senior vice president of commercial.
He added: "Like UATP, Floa is committed to innovation within the payments space. With the backing of a major bank, it already has a significant market presence and will continue adding new features to its offer, which we look forward to passing on to our Network merchants."
For more information about the UATP and the partnership with Floa or to speak with a UATP company executive, please contact Wendy Ward at wendy.ward@uatp.com.
About UATP
UATP is the global network simplifying payments in complex industries. We make it easy for businesses to make or accept any type of payment; open new markets, drive growth and reduce costs for Issuers, Merchants, vendors, agents, aggregators and more. UATP is continually innovating to connect companies to new forms of payment (AFPs), and our easy-to-use data tools, DataStream® and DataMine®, provide comprehensive account details to Issuers and Corporate Account Holders. Our team has decades of experience with the ever-changing payments landscape, and our reliable and proven technology ensures our global customers get more from every payments experience. Learn more at uatp.com.
Accepted as a form of payment for corporate business travel worldwide by airlines, travel agencies and Amtrak®; UATP accounts are issued by: Aeromexico; Air Canada (TSE: AC); Air China; Air New Zealand (ANZFF.PK); Air Niugini; American Airlines (NASDAQ:AAL); APG Airlines; Austrian Airlines; Avianca Airlines; BCD Travel; China Eastern Airlines (NYSE:CEA); Delta Air Lines (NYSE:DAL); EL AL Israel Airlines; Etihad Airways; Fareportal; Frontier Airlines; GOL Linhas Aereas inteligentes S.A. (NYSE:GOL); Hahn Air; High Point Travel; Japan Airlines (9201:JP); JetBlue Airways; LATAM Airlines; Link Airways; Qantas Airways (QUBSF.PK); SEB Kort AB; Shandong Airlines; Sichuan Airlines; Southwest Airlines; Sun Country Airlines; TUIfly GmbH; Turkish Airlines (ISE: THYAO); United Airlines (NASDQAQ: UAL) and WestJet.
About Floa
Floa is the BNP Paribas fintech, specialized in "Buy Now pay Later" solutions and breakthrough financial services for consumers, retailers and fintechs. By placing innovation and customer experience at the heart of its strategy, Floa supports new ways of consumption and merchants' activities. Its unique technological expertise enables to guarantee simplified and secured payments for consumers and merchants, both online and in-store.
Floa already has more than 4 million customers in Europe and more than 15,000 e-commerce and point-of-sale partners (including Cdiscount, Veepee Voyage, Samsung, Bricomarché, SFR, Iberia, etc.). As a subsidiary of BNP Paribas group, Floa benefits from its Fintech DNA and the financial robustness of its stakeholders to become an undisputable player in the «Buy Now Pay Later» market in Europe.
To learn more: www.floa.com
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SOURCE UATP