Walmart is stepping up its game by adding a new payment choice at self-checkout stations in over 4,500 stores across the US. Now, shoppers can use Walmart BNPL provided by Affirm, a service known for its clear and flexible payment plans that let you buy now and pay later.
Affirm’s payment options come with different interest rates, from 0% up to 30%, based on your credit and where you are shopping. You can pick from various repayment schedules, like paying in monthly installments over three, six, or twelve months. This setup is great for folks who want to manage their spending without worrying about hidden fees or penalties for late payments.
Shopping with Affirm at Walmart is incredibly easy. Once you’ve finished scanning your items at the self-checkout, simply choose Affirm as your payment option. Then, just head over to the app or website, provide some information, and make a decision on your payment plan. Once you’ve been approved, scan the barcode that’s generated. You’re all set! It’s a process that enhances your Walmart shopping experience.
Key Takeaways
- Walmart Expands Payment Options: With Affirm now available at self-checkout stations in over 4,500 Walmart stores, shoppers have a flexible way to manage their purchases. This move underscores Walmart’s commitment to enhancing the customer experience and catering to diverse payment preferences.
- Affirm’s Growing Influence: The collaboration with Walmart amplifies Affirm’s presence in the retail landscape. As the company partners with more major retailers like Amazon and Target, it solidifies its position as a leading ‘Buy Now, Pay Later’ service, appealing to a significant portion of American consumers.
- Consumer Demand for BNPL: The rise of Buy Now, Pay Later services reflects a growing consumer preference for flexible payment options. Affirm’s recent study underscores this trend, revealing that a majority of Americans value the ability to use BNPL services, emphasizing its importance in today’s retail environment.
- Evolution of BNPL Services: The Buy Now, Pay Later market is expanding rapidly, with projections indicating substantial growth in the coming years. As businesses and consumers alike recognize the benefits of BNPL, it’s clear that this payment model is reshaping the retail landscape, offering a convenient and accessible alternative to traditional payment methods.
Walmart BNPL – Team Up With Affirm For Flexible Payment Options
If you’re getting ready for holiday shopping, there’s some good news for you. Now, at over 4,500 self-checkout Walmart stores, you have the option to pay for your purchases in installments with the BNPL option. Thanks to Walmart’s expanded partnership with Affirm, you can spread out your payments in four to six parts. Pay monthly whether you’re shopping online using the app or visiting Walmart Vision and Auto Centers.
After this collaboration was announced, Affirm’s stock received a boost. This not only helps Affirm expand its customer base but also strengthens its relationship with Walmart. Do you remember back in 2019 when Walmart started offering affirmed pay-over-time options in 4,000 Supercenters across the United States? Well, this new development takes that partnership to heights. You can buy pretty much anything you’d find at Walmart, from clothes and gadgets to toys and more.
Pat Suh, the Senior Vice President of Revenue at Affirm, highlighted some interesting findings. A recent study by Affirm showed that a significant 54% of Americans want the option to use BNPL services when they’re checking out at stores. Even more striking, a whopping 76% of shoppers said they might delay or skip buying altogether if Affirm wasn’t available.
With this in mind, Affirm’s extended partnership with Walmart is no surprise. By offering their straightforward ‘Pay Later’ options at Walmart’s self-checkout stations across the United States, Affirm aims to empower even more shoppers. This move is smart and introduced at the right time, especially with the holiday season around the corner, helping people manage their budgets better while still enjoying their shopping.
If you opt to use Affirm at a self-checkout kiosk, simply open the Affirm app or go to Affirm’s Buy In-Store, Pay Later page on your smartphone. Enter the total amount for your desired items, which should be within the range of $144 to $4,000.
Next, select a pay-over-time plan that suits you, ranging from three to 24 months. Proceed to complete your checkout at the kiosk. Upon approval, you’ll receive a unique barcode. Simply scan this barcode at the self-checkout kiosk to finalize your purchase.
Affirm Focusing On Expanding Partnerships With Leading Retailers In Major Spree
In recent years, Affirm has broadened its reach by offering its buy now, pay later services through collaborations with major retailers. In August 2021, Amazon partnered with Affirm to provide installment payment services for select purchases exceeding $50. Shortly thereafter, Target joined the fray, incorporating both Affirm and Sezzle installment payment options for its customers, enabling Affirm usage for purchases totaling $100 or more.
As Affirm continues to build its network of retail partners, the company is not only focusing on its predominant online presence but is also making strides in attracting customers in physical stores. In October last year, Affirm’s CFO, Michael Linford, highlighted the introduction of the Affirm card. This move aligns with Affirm’s strategy to expand its influence in brick-and-mortar sales.
The Rise and Growth of Buy Now, Pay Later Services
The BNPL trend has come a long way since gaining popularity in 2020. Now, these services are not only gaining traction but also becoming profitable. Experts predict that by 2026, BNPL could make up about a quarter of all online shopping transactions worldwide. That’s a big deal! And by 2023, it is expected to be valued at more than $70 billion in the North American market alone.
So, what’s driving this boom? BNPL services let you split big purchases into smaller, more manageable payments. Plus, some plans offer zero interest, making it even more appealing for consumers. It’s no wonder people are loving the flexibility these services offer.
But it’s not just consumers jumping on the BNPL bandwagon. Businesses are also seeing the benefits, of using these services for everything from day-to-day expenses to major investments. And it’s not just about retail anymore; BNPL options are expanding into areas like healthcare and even grocery shopping. With both traditional banks and new fintech companies entering the scene, the BNPL market is heating up. It’s clear that this payment option is not just a passing trend—it’s here to stay.
About Walmart
Walmart, Inc. is a major player in both wholesale and retail sectors, known for providing a wide range of products and services at consistently low prices. The company operates through three main business units: Walmart International, Walmart US, and Sam’s Club.
Under the Walmart US umbrella, you’ll find familiar brands like Walmart, Walmart, and Walmart Neighborhood Market, along with their online platform walmart.com. The Walmart International division oversees various retail formats such as supermarkets, supercenters, and warehouse clubs, but primarily outside the US. Meanwhile, Sam’s Club focuses on membership-based warehouse stores. Founded in 1945 by Samuel M. Walton and James L. Walton, the company has its headquarters in Bentonville, AR.
About Affirm
Founded in 2012, Affirm Holdings, Inc. is a US-based financial tech company making waves in the “buy now, pay later” (BNPL) section. With a robust presence, Affirm serves millions of consumers and partners with over 200,000 merchants. The company provides flexible payment options for both online and in-person shopping. Whether it’s through an online payment link, a virtual card, or a physical card, Affirm offers multiple avenues for customers to manage their purchases. On the business side, Affirm earns revenue by charging interest to shoppers and service fees to merchants.
When it comes to assessing loans, Affirm takes a comprehensive approach. They consider traditional credit scores, delve into other relevant financial data, and even harness the power of machine learning to make informed decisions.
Conclusion
Walmart’s introduction of Affirm’s BNPL option at self-checkout stations marks a significant step in enhancing the shopping experience for consumers. This partnership not only amplifies Affirm’s presence but also underscores the growing demand for flexible payment solutions.
As the BNPL trend continues to gain momentum, both consumers and businesses stand to benefit from its convenience and adaptability. With Affirm’s extended reach across major retailers and the broader retail landscape embracing this payment model, it’s evident that Buy Now, Pay Later is evolving from a trend to a mainstream financial tool, reshaping the future of commerce.
