Financial tech company Affirm announced Tuesday its expansion of services with Walmart to bring the company's flexible pay-over-time options to self-checkout kiosks in over 4,500 of the retailer's stores in the United States.
Buy Now, Pay Later Option of Affirm
With the expansion of the partnership between Affirm and Walmart, eligible shoppers can quickly pay over time for their favorite electronics, apparel, toys, and more in simple monthly payments when checking themselves out in-store.
According to Affirm's senior vice president of revenue Pat Suh, a recent research conducted by the company highlighted a significant consumer demand for buy now, pay later options at checkout.
The findings revealed that 54% of Americans are seeking for retailers offering this option at checkout, while a staggering 76% of consumers would either delay or not make a purchase if Affirm's services were not available.
That underscores the substantial impact of flexible payment solutions on consumers' decision-making processes. This service expansion coincides with the holiday shopping season, allowing consumers to increase their spending while managing their expenses.
Affirm Stock Jumps Over 15% on Expanded Walmart Partnership
This service expansion not only covers Walmart stores nationwide but also extends to walmart.com and the Walmart app. US consumers can also use Affirm's pay-over-time option at Walmart Vision and Auto Centers, providing a comprehensive integration of flexible payment solutions into various shopping segments within the retail giant.
"Expanding our partnership with Walmart and bringing Affirm's transparent monthly pay-over-time options to their self-checkout kiosks in the US will help even more consumers increase their purchasing power during the holiday shopping season and beyond," Suh said in a statement.
Affirm noted that its customers are always shown the total purchase cost and will never pay more than they agree to upfront as it does not charge any late or hidden fees.
Meanwhile, CNBC reported that Affirm's stock jumped over 15% on Tuesday after announcing its expanded partnership with Walmart to self-checkout. With this, the company's stock reportedly surpassed its $49 initial public offering price in 2021 for the first time since early last year.
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