Payments FinTech Opy has branched out into the automotive sector, offering its OpyPay product at franchised auto dealerships around the country, according to a Tuesday (March 22) press release.
“After nine years in other counties, 90 days 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 many auto dealerships across the United States to refine our plans to meet the unique needs and preferences for the U.S. auto industry. Auto dealers have appreciated OPY’s value proposition and embraced our flagship, flat fee, low-cost embedded finance platform.”
Read more: Opy Brings BNPL Platform to US
Shniderman said in the release his company’s service is an attractive payment option for customers who need 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 rise by at least 10% in the next three years. Several major auto dealers have signed onto OpyPay, including Honda, Nissan and Volkswagen, per the release.
Opy, an offshoot of Openpay, teamed up with American Express last year to offer more access to lending and payments for bigger purchases.
See more: Amex, FinTech Opy Team on ‘Buy Now, Pay Smarter’ for Members, POS Merchant Option
The partnership allows American Express card members to make 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 offered by Opy.
In addition, the two companies said they planned to team up on a range of projects that would use Opy’s B2C and B2B platforms.
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