WASHINGTON D.C. – UATP announced a new strategic partnership with Fly Now Pay Later (FNPL) to give travelers the opportunity to purchase travel via installment plans. The UATP-FNPL partnership allows travelers to instantly spread the cost of their travel plans over time, making those once distant-thought travel plans, now a reality.
“The ‘Buy Now Pay Later’ concept is revolutionizing travel planning as a simpler alternative to financing pricier flights. Our platform benefits the traveler that is eager to get away, and collaborating with UATP will allow for a more seamless implementation,” Jasper Dykes, founder and CEO, Fly Now Pay Later. “Using travel and credit data, we provide leading airlines with a world class customer experience by offering an instant financing solution from as little as 0% APR.”
A recent poll with Airline Information showed that 38% of travelers have installment payments on their roadmap. Additionally, the Worldpay 2020 Global Payments Report stated that this payment method consisted of 8% of all eCommerce transactions in 2019 and is forecasted to double that that growth by 2023. The global partnership between UATP and Fly Now Pay Later, focusing on leisure travelers in Europe, will allow travelers to capitalize on the benefits of installment payment solutions and help remove the basket anxiety associated with upfront costs. Additionally, there are no hidden fees, compounded interest, or early settlement costs. Travelers receive full protection when purchasing through this process and will have access to a coordinated payment schedule to use as a budgeting tool.
“The UATP-FNPL partnership brings yet another option to travelers, and fulfills the demand the marketplace is asking for,” Ralph Kaiser, president and CEO, UATP. “Airlines will receive the full price of the booking upfront while not taking on any of the risk. The structured installment payments can also lead to increased ancillary revenue and help to ensure maximum conversion at checkout.”