Affirm Holdings, Inc. , a more flexible and transparent alternative to credit cards, today announced plans for the Affirm Card, the first U.S. debit card to have direct access to pay-over-time functionality. The Affirm Card will allow consumers to pay upfront, from their bank account, or pay later, by using a unique post-purchase feature. In just a couple of taps, consumers will be able to instantly convert any eligible transaction into one that is pay-over-time. As always with Affirm, there are no late fees or hidden charges, ever.
“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,” said Max Levchin, CEO and founder of Affirm.
The company is announcing its plans for the Affirm Card to address both of these trends. According to research from The Ascent, over a third of U.S. consumers have used a BNPL service. Additionally, the Federal Reserve Bank of San Francisco reported in a recent study that debit accounted for 30% of all payments.
“Millions of consumers have already enjoyed Affirm’s simple and transparent pay-over-time offerings at thousands of merchants,” said Levchin. “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.”
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