This news was announced on December 19th, nearly a week before Christmas. Affirm wrote in a press release:
Affirm the payment network that empowers consumers and helps merchants drive growth, today announced it has expanded its services with Walmart to bring Affirm’s transparent and flexible pay-over-time options to self-checkout kiosks at over 4,500 Walmart stores in the United States. Now, eligible shoppers can easily pay over time for their favorite electronics, apparel, toys, and more in simple monthly payments when checking themselves out in-store.
Recent Affirm research revealed that more than half of Americans (54%) are looking for retailers to offer a buy now, pay later option at checkout. Moreover, we’ve found that 76% of consumers would either delay or not make a purchase without Affirm.
Expanding our partnership with Walmart and bringing Affirm’s transparent monthly pay-over-time options to their self-checkout kiosks in the U.S. will help even more consumers increase their purchasing power during the holiday shopping season and beyond.
Pat Suh, Affirm’s SVP of Revenue, said
In addition to being available in Walmart stores nationwide, on walmart.com, and in the Walmart app, U.S. consumers can also pay over time with Affirm at Walmart Vision and Auto Centers. As is always true with Affirm, customers are shown the total cost of their purchase and will never pay more than they agree to upfront. Affirm never charges any late or hidden fees.
BNPL has vastly increased since 2020, and has been used to pay for the most basic of items. One company called Zilch has even partnered with Uber Eats, Papa Johns, and Dominos, to offer customers the choice to pay for their meal over the course of 6 weeks. Other countries such as Australia have seen an increase in BNPL usage for basic necessities.
As noted by ZeroHedge, ‘”Buy now, pay later” (BNPL) loans surged in popularity during Black Friday and Cyber Monday in late November.’ Continuing,
Last month, the US Office of the Comptroller of the Currency (OCC) – the powerful federal banking regulator – sounded the alarm over increased usage of BNPL.
OCC warned about the overuse and poor understanding of the BNPL payment structure that could lead to disastrous outcomes for consumers if payments are missed.
A report published earlier this month by the Bank for International Settlements said BNPL is mainly being used by young adults, particularly those with low education and maxed-out credit cards.
Other major retailers might follow Walmart’s lead. It’s never a good sign when retailers expand the purchasing power of broke consumers.
AUTHOR COMMENTARY
Owe no man any thing, but to love one another: for he that loveth another hath fulfilled the law.
Romans 13:8
This story right here summarizes American’s insatiable habit of buying things they cannot afford; for a holiday that is supposed to be in reference and remembrance of the birth of Jesus Christ, but instead has turned into an excuse to worship greed and entitlement.
In August, credit card debt reached $1 trillion for the first time, and has only since grown.
[26] Be not thou one of them that strike hands, or of them that are sureties for debts. [27] If thou hast nothing to pay, why should he take away thy bed from under thee? Proverbs 22:26-27
[7] Who goeth a warfare any time at his own charges? who planteth a vineyard, and eateth not of the fruit thereof? or who feedeth a flock, and eateth not of the milk of the flock? [8] Say I these things as a man? or saith not the law the same also? [9] For it is written in the law of Moses, Thou shalt not muzzle the mouth of the ox that treadeth out the corn. Doth God take care for oxen? [10] Or saith he it altogether for our sakes? For our sakes, no doubt, this is written: that he that ploweth should plow in hope; and that he that thresheth in hope should be partaker of his hope. (1 Corinthians 9:7-10).
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I’ve used Affirm, but they are all paid off. Now PayPal has pay in 4(every2weeks for4 payments) which doesn’t charge interest, I use it once and awhile, other ones, I don’t because of interest.
I have No credit cards, only debit card.
Basically, Try to avoid these deals, and not for food or gasoline.
Don’t beat me up, I do have the money to pay it. I’m an older man and have things worked out, another words I know what I can and cannot afford.
Those people are stupid, not talking to you David Aarons whatever you doing is between you and the Lord my first thought when I was reading this was, those people are stupid because what’s the point of getting into debt? sadly my parents are in debt because they didn’t what to wait for God to give them a house we are in this debt house for about a year now we moved I believe this January 2023 I didn’t know they gotten into debt until latter on I tried my best (all though I could try harder next time) to tell them what God’s true and only word says (KJV) I did see some improvement but it does not change the fact that my parents are debt slaves and I can’t go any were because for one I’m only 17 and for two I believe in waiting for God’s timing and of cores other resins as well.
Do you mind if I quote a couple of your articles as long as I
provide credit and sources back to your site? My website is in the exact same niche
as yours and my visitors would certainly benefit
from some of the information you provide here.
Please let me know if this okay with you. Thanks!
I love it when folks come together and share ideas. Great blog, stick with it!
That’s satan’s trap.