TORONTO, June 27, 2022 /CNW/ - GoTo Loans announces a brand-new identity and will become known as Wippy, offering the Wippy Pay service.
As a market leader in the Buy Now Pay Later ("BNPL") space, Wippy is bringing an innovative and unprecedented payment experience to the Canadian consumer for automotive repairs and upgrades. With exponential growth over the past two years, changing customer base and growing number of partners, the evolution to Wippy offers a more relatable brand, improved enrolment features, and payment plans that will be more flexible and easy to understand.
Industry studies report that market awareness of BNPL offerings has increased from 32% in 2017, to 91% in 2021, with the greatest users aged 18-44. This younger generation cites reasons for use as helping them budget, ability to make a purchase they could otherwise not afford, and avoiding interest and fees.
"We are excited to launch Wippy Pay, the most competitively priced payment option available for consumers in the automotive repairs and upgrades industry in Canada," states Eric Kaplan, Chief Operating Officer. "With 0% interest options, an improved user experience and the customer's ability to find out spending limits by only entering their licence plate and mileage, Wippy Pay is the easiest BNPL system of its kind in the market."
The automotive repair and upgrade industry in Canada represents a $21B market. Today's consumer increasingly prefers to have alternate payment options, and a quick and easy digital platform for transactions. Wippy Pay will allow customers to enjoy flexible payment arrangements, with options for 0% interest or programs with rates significantly lower than the average Canadian credit card. Retail Partners also benefit from easy onboarding, increased customer purchasing power, attracting and retaining customers, and financial benefits that only Wippy offers.
SOURCE GoTo Loans
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