Alviere, the embedded finance tech platform, has announced that AutoPayPlus will be the first automotive industry company to sign on to its suite of services, a press release said Tuesday (March 1).
AutoPayPlus offers car buyers flexible payment options matched to their paychecks.
AutoPayPlus will now offer car buyers a prepaid promotional debit card to be used at the selling dealership’s service department. The card will give AutoPayPlus dealership partners a loyalty program, improving dealer revenue and customer retention.
Currently, only about 13% of car buyers maintain their vehicles at the dealership where they bought their car, according to data from The National Automotive Dealers Association. But 76% of car buyers become repeat buyers if they service their car at the dealership where they bought it.
AutoPayPlus and Alviere plan to launch additional embedded finance services later this year.
“AutoPayPlus is another example of how Alviere’s embedded financial services platform can help brands transform relationships with consumers from one dimensional single events into continuous, long-term, deep, value-driven connections,” said Yuval Brisker, co-founder and CEO of Alviere.
Last year, Alviere teamed up with Currencycloud, the cross-border finance company, to make a “multicurrency cross-border embedded finance solution.”
Alviere provided enterprise clients with the Currencycloud Spark product’s multicurrency eWallet. This product will facilitate transactions in up to 38 currencies at the same time.