Affirm’s Post

Affirm launches new BNPL payment options: Pay in 2 and Pay in 30 #Affirm, a leading #fintech buy now, pay later (BNPL) provider, has just announced two new payment options designed to enhance flexibility and affordability for consumers. The newly introduced Pay in 2 and Pay in 30 options allow customers to split the cost of their purchases into two interest-free payments each month or pay in full interest-free within 30 days. These new options join Affirm's existing Pay in 4 and monthly installment plans, offering a comprehensive suite of payment solutions. Affirm was founded by Max Levchin, co-founder of PayPal, with the vision to provide consumers with transparent and flexible payment solutions. The company continues to innovate under the leadership of Vishal Kapoor, Head of Product, who emphasizes the importance of meeting consumers where they are with greater choice and flexibility. The introduction of Pay in 2 and Pay in 30 is particularly significant given that approximately 80% of e-commerce transactions in the United States are for purchases under $150. By providing these new payment options, Affirm aims to better align payment schedules with the paychecks of more than 30% of non-farm workers who are paid semi-monthly or monthly, according to the Bureau of Labor Statistics. The launch of these options has already led to an increase in cart conversion rates within Affirm's app, signaling strong consumer demand. Affirm plans to extend these options to its merchant partners in the coming months, further expanding its reach and impact in the BNPL space. Recent research highlights a growing demand for BNPL options, particularly among Generation Z consumers, who are significantly more likely to prioritize pay later options when choosing merchants. Despite the digital dominance of BNPL, there is a notable gap in in-store availability. Only 35% of merchants currently offer BNPL online, and even fewer provide these options during in-store checkouts. This indicates a significant opportunity for growth and adoption in physical retail spaces. The article on PYMNTS in the first comment. Want to stay up to date with the market? Here my newsletter: - Linkedin: https://t.ly/s541W   - Substack: https://lnkd.in/dzfGJzmW

🚨 Buy now, pay later (BNPL) provider Affirm has launched two new payment options designed to offer customers more flexibility and affordability. Pay in 2 and Pay in 30. As the name suggests, the new offerings let consumers split the cost of their purchase into two interest-free payments each month, or to pay in full interest-free within 30 days of their purchase. It joins Affirm’s Pay in 4 and monthly installment plans. “Roughly 80% of e-commerce transactions in the United States are for purchases under $150,” Vishal Kapoor, head of product at Affirm, said. “Providing greater choice and flexibility is key to meeting our consumers where they are,” Kapoor added. “Adding options like Pay in 2 and Pay in 30 allows us to better meet consumers’ individual preferences, enabling them to pay for purchases large or small with more options that works best for their budgets.” More info: https://lnkd.in/eSsHimhT Find this helpful? [ 𝗿𝗲𝗽𝗼𝘀𝘁 ] Anything to add about this subject? [ 𝗶𝗻𝘃𝗶𝘁𝗲𝗱 𝘁𝗼 𝗰𝗼𝗺𝗺𝗲𝗻𝘁 ] Nice story, Marcel. Next! [ 𝗹𝗶𝗸𝗲 ]

Affirm divides things in half and launches radical new product called a Charge card. "Pay in 30 allows consumers to pay their balance in full, interest-free, within 30 days of their purchase." About 60 years late to the party but, whatever. Also, if dividing things by 4 wasn't revolutionary enough, you can now divide things by 2. "Pay in 2 allows consumers to split the cost of a purchase into two no-interest monthly payments" #payments #buynowpaylater

Can you guess what it is? A new theme (not talking about choice) emerged this year with consumers as it relates to digital payments. Download and Read our 2024 Payouts Landscape report, which digs into consumer preferences around corporate payouts and incentives. CLICK BELOW TO ACCESS:

Is your website check out fast and simple? A complicated checkout process is almost guaranteed to lead to a high rate of cart abandonment. And it’s likely you will lose the customer for good, as once they have had a negative experience it’s exceptionally hard to entice them to return. So how can you simplify the checkout process? Allow users to check out as a guest – many people either don’t have the time to create an account or don’t want to give out loads of information to make a purchase. Clearly state your payment options – whether you accept credit card, PayPal, bank transfer or any other payment methods, be clear from the start. Consider buy now, pay later platforms such as Afterpay and Klarna – knowing that they can make a purchase today and pay it off in the coming weeks or months is a perfect way to encourage shoppers to buy now. https://lnkd.in/gkRp5-98

Have you seen Affirm, Afterpay or Klarna logos during online checkout and wondered how buy now, pay later really works? Or what's next for the installment trend? Here's an explainer -- the second in Payments Dive's series of primers for the #payments industry.

ICYMI: Our partners at Stripe recently ran an A/B test to assess the impact of offering flexible pay-over-time options like Affirm at checkout. Across 150,000 Stripe checkout sessions: 📈Businesses who offered a pay-over-time option at checkout saw up to a 14% increase in revenue. 💥Over 66% of pay-over-time volume came from net-new sales, where the customer likely only completed the transaction because a pay-over-time option was offered. 🛒Pay-over-time options drove increased conversion rates regardless of cart size. Transactions for both bigger ticket items ($500-$1500 average order value) and lower cost items (<$500 average order value) saw increased conversion rates when a pay-over-time option was offered at checkout. Stripe’s findings reinforce what we’ve known all along - that honest, flexible, and transparent payment methods like Affirm empower consumers while helping businesses of all sizes drive growth.  Check out the full results 👉 https://bit.ly/4bHtAlE

Is your website check out fast and simple? A complicated checkout process is almost guaranteed to lead to a high rate of cart abandonment. And it’s likely you will lose the customer for good, as once they have had a negative experience it’s exceptionally hard to entice them to return. So how can you simplify the checkout process? ✔️ Allow users to check out as a guest – many people either don’t have the time to create an account or don’t want to give out loads of information to make a purchase. ✔️ Clearly state your payment options – whether you accept credit card, PayPal, bank transfer or any other payment methods, be clear from the start. ✔️ Consider buy now, pay later platforms such as Afterpay and Klarna – knowing that they can make a purchase today and pay it off in the coming weeks or months is a perfect way to encourage shoppers to buy now. https://lnkd.in/gkRp5-98

The shift towards Buy Now, Pay Later is more than a trend -- it's a movement. PYMNTS shows 3-in-5 shoppers prefer spreading their costs over time, with 78% of merchants eager to expand these options. Zip remains at the forefront, innovating to meet this surge in demand across a variety of key verticals to ensure our consumers have the best brands available to them. We're working to make shopping as seamless as possible while ensuring financial wellness remains a top priority. If you're not offering your customers a BNPL option, you're missing out! Join us in embracing the future of consumer finance at https://lnkd.in/g27yR_bs. #Zip #BuyNowPayLater #FintechNews

How do you prefer to pay? 50% of Gen Z will abandon purchase if their preferred payment method is not offered at checkout. Here is an interesting look at the payment tools Gen Z prefers. #payments #genz #ecommerce