U.S. fintech Affirm recently announced plans for the Affirm Card, the first U.S. debit card to have direct access to pay-over-time functionality. According to Affirm, the Affirm Card will allow consumers to pay upfront, from their bank account, or pay later, by using a unique post-purchase feature.
Max Levchin, CEO and founder of Affirm, shared more details about the card by stating:
“We know consumers are looking for financial control and flexibility. In the last year, we’ve seen two key trends: huge growth of buy-now-pay-later transactions, and consumer preference shift to debit cards over credit cards. The Affirm Card combines the two, allowing Affirm to meet consumers where they are and empowering them to pay on their own terms.”
Affirm expects to make the Affirm Card broadly available later this year. Levchin addd:
“Millions of consumers have already enjoyed Affirm’s simple and transparent pay-over-time offerings at thousands of merchants. Soon, whether shopping for a laptop at Walmart or glasses at Warby Parker, consumers will be able to choose to buy now or pay later, using the Affirm Card at check out, online or in-store, with no hidden fees.”
As previously reported, Affirm is a point of sale credit provider that is currently working with more than 5,000 merchants, including Article, Joybird, West Elm, and Shopify. The company’s goal is to provide shoppers with an alternative to expensive credit cards at the point of sale, giving them the flexibility to buy now and make simple monthly payments for their purchases. Affirm reported it has raised more than $1.3 billion from investors to date.
The plans to launch the Affirm Card with buy now pay later benefits comes just a couple of months after Affirm acquired PayBright, a Canada-based buy-now-pay-later provider, for CAD $340 million. Additional terms of the transaction were not disclosed.