Stere Pay Improves the Insurance Industry with Innovative Buy Now, Pay Later Gateway
In a groundbreaking move, Stere Pay has introduced a Buy Now, Pay Later (BNPL) gateway specifically designed for the insurance sector. This revolutionary initiative, unveiled on Tuesday, October 24, 2023, is set to alleviate the financial challenges often faced by policyholders, offering a flexible and accessible solution for premium payments, as highlighted in PYMNTS News.
Drawing inspiration from successful payment models across various industries, Stere Pay has meticulously tailored its BNPL gateway to cater to the unique needs and financial structures within the insurance field. The primary objective is to enhance financial inclusivity and provide customer-centric services, ushering in a new era for the insurance industry.
One of the primary advantages of this BNPL gateway is the provision of deferred payments, effectively easing the financial burden associated with lump-sum premium payments. By making insurance coverage more accessible and customer-friendly, Stere Pay aims to create a seamless experience for policyholders.
This innovative approach aligns perfectly with the evolving financial preferences of consumers worldwide. As the global economy continues to embrace flexible payment solutions, Stere Pay’s introduction of the BNPL gateway also signifies the insurance industry’s commitment to digital transformation.
The core principles underpinning Stere Pay’s BNPL gateway are security, convenience, and accessibility. By prioritizing these aspects, the company aims to nurture long-term relationships between insurers, distribution partners, and policyholders, fostering trust and satisfaction within the insurance ecosystem.
Recent research from PYMNTS Intelligence highlights the growing popularity of BNPL options and credit card installment plans among consumers who seek flexible and convenient payment alternatives. Millennials and Generation X consumers, in particular, are embracing BNPL, as revealed in the report titled «Tracking the Digital Payments Takeover: What BNPL Needs to Win Wider Adoption,» a collaborative effort between PYMNTS and Amazon Web Services (AWS).
The same report also underscores the high satisfaction levels among BNPL users, with three-quarters of them reporting being very or extremely satisfied with these payment options. Excitingly, the study reveals that 43% of existing BNPL users plan to continue using this payment method over the next year, while 15% of non-users are considering its adoption.
In another recent development within the BNPL landscape, Equipifi joined forces with Jack Henry to introduce a BNPL tool tailored for community and regional financial institutions (FIs). This partnership enables FIs to offer split payments through debit cards using Equipifi’s BNPL solution, further contributing to the expansion and accessibility of this payment option.
Stere Pay’s innovative BNPL gateway marks a significant leap forward for the insurance industry, aligning it with the changing preferences of consumers and the broader global shift toward flexible payment solutions. As policyholders and insurers embrace this revolutionary approach, the future of insurance payments looks brighter than ever.