SAN FRANCISCO–A fintech is in the process of rolling out a new buy now, pay later (BNPL) debit card.
The latest move: Affirm, a BNPL provider that says its mission is to “deliver honest financial products that improve lives,” has announced plans for a BNPL debit card it says will be broadly available later this year.
The Affirm Card will allow consumers to pay upfront, from their bank account, or pay later, by using a unique post-purchase feature, the company said. “In just a couple of taps, consumers will be able to instantly convert any eligible transaction into one that is pay-over-time,” the company said.
There are no late fees or hidden charges, the company said.
“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,” said Max Levchin, CEO and founder of Affirm. “The Affirm Card combines the two, allowing Affirm to meet consumers where they are and empowering them to pay on their own terms.
‘No Hidden Fees’
"Millions of consumers have already enjoyed Affirm's simple and transparent pay-over-time offerings at thousands of merchants," Levchin continued. "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."
On its website, Affirm.com www.affirm.com, consumer are able to sign up for a wait list to get the card.