Affirm (NASDAQ: AFRM), the payment network that empowers consumers and helps merchants drive growth, unveiled updates to the Affirm app.
The “redesigned’ experience shows consumers their real-time purchasing power with Affirm, offers an upgraded search function, and provides access to personalized “payment terms and interest-free offers.”
These updates come just in time for a holiday season where consumers are especially exploring “interest-free deals.”
According to new research from Affirm, budgeting and affordability are among consumers’ top priorities this holiday season.
Key findings include:
- Half of consumers (50%) consider 0% APR financing options to be just as, if not more, valuable than traditional discounts.
- Over half of consumers (53%) are using pay over time options to make the cost of a purchase more affordable, closely followed by the ability to help them budget (52%).
The new app experience gives consumers confidence and clarity when shopping, enabling them to:
- Check their purchasing power, a live estimate of how much they can spend with Affirm, which is now front and center on the new homescreen.
- Quickly uncover the most sought-after credit offers from Affirm, including 0% APR options, via the app’s updated search function.
- See and manage their active payment plans all in one place.
- Take their money further by opening an Affirm Money Account and unlocking more flexibility with the Affirm Card.
As is always the case with Affirm, consumers are underwritten and approved for each transaction, based “on what Affirm believes they can responsibly afford.”
And they will “never pay a penny” in late fees or compound interest, ever.
Consumers who are interested in the updated Affirm app can update or download it via the Apple App Store and Google Play Store.
As covered, Affirm’s company mission is to deliver a range of “honest” financial products that improve lives.
By building a new kind of payment network – one based on trust, transparency and putting people first – they aim to empower millions of consumers to spend and save “responsibly, and give thousands of businesses the tools to fuel growth.”
Unlike most credit cards and other pay-over-time options, the Fintech company claims that it shows consumers “exactly what they will pay up front and never charge any late or hidden fees. ”
Purchasing Power is simply an “estimate of how much you can spend” through Affirm.
It can change based on your “credit and where you shop.”
As clarified in the update from the Fintech firm, your actualy purchasing power is “not always the exact amount you can borrow because it may include a down payment.”
Rates from 0-36% APR. Terms may “vary by merchant.”
Payment options through Affirm are subject to an “eligibility check, may not be available everywhere.”
