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 and Bovespa: GOLL4);
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
