Payments FinTech Opy has branched out in to the automotive sector, offering its OpyPay product at franchised car dealerships round the country, according to a Tuesday (March 22) pr release.
\”After nine years in other counties, 3 months ago we went live with our first [buy now, pay later (BNPL)] 2.0 loans in the United States, initially in healthcare,\” Opy U.S. CEO Brian Shniderman said in the release. \”Since then, we have had extensive discussions with lots of auto dealerships over the Usa to refine our plans to satisfy the unique needs and preferences for that U.S. auto industry. Auto dealers have appreciated OPY's value proposition and embraced our flagship, flat fee, low-cost embedded finance platform.\”
Shniderman said within the release his company's services are a beautiful payment choice for customers who require to pay for major car repairs.
His company pointed to research showing consumers spending more than $2,000 a year on car repairs, fueling an $82.6 billion automotive service and repair sector that's projected to increase by at least 10% within the next 3 years. Several major auto dealers have signed onto OpyPay, including Honda, Nissan and Volkswagen, per the discharge.
Opy, an offshoot of Openpay, teamed up with American Express this past year to provide more access to lending and payments for bigger purchases.
The partnership allows American Express card members to create purchases through their cards, with funding coming from the Opy Buy Now, Pay Smarter (BNPS) product, connecting American Express healthcare and automotive customers with the customizable payments provided by Opy.
In addition, the two companies said they planned to team up on a selection of projects that will use Opy's B2C and B2B platforms.