Buy now, pay later platform Affirm is about to go toe-to-toe with a standard bearer in the payments space: the good old-fashioned debit card.
The company told investors at an event this week it’s moving closer to a broad rollout of its new debit card, which will allow for installment payments.
“It’s a card that works with your existing checking account. You don’t have to switch your banking relationship. You get the new card from us, swipe it and use it the way you normally would. You get a notification if the transaction is splitable,” explained Affirm founder and CEO Max Levchin on Yahoo Finance Live.
Levchin — a co-founder of PayPal —said the waitlist for the product is close to 1 million. It will begin rolling out more broadly starting in 2022.
Suffice it to say, the Street is jazzed up by what the new debit card will mean to Affirm’s top and bottom lines.
New research from The Strawhecker Group analyzes key trends and consumer attitudes.
Download a free infographic covering several findings from the full report.
Consumers have increasingly adopted Buy Now, Pay Later (BNPL) services for multiple reasons; a desire for financial flexibility, a way to avoid incurring credit card debt, or to purchase items outside of their budgets. However, despite its popularity, consumer debt and missed payments have led to calls for additional research and regulation. Read the press release.
To take a closer look, The Strawhecker Group (TSG) conducted a survey of over 1,500 U.S. consumers in early 2021 with the goal of understanding domestic attitudes and perspectives on the use of BNPL services. The complete findings, a selection of BNPL provider profiles, and market landscape details can be found in the firm’s new report Buy Now, Pay Later: An Analysis of Key Trends and Consumer Attitudes.
Highlights of this extensive 81-page report include:
- Buy Now, Pay Later Background
- Key Players in the Buy Now, Pay Later Space
- Buy Now, Pay Later Consumer Survey
- Concluding Thoughts: The Future of Buy Now, Pay Later