Walmart makes buy now, pay later move
Walmart is binning its layaway programme before the 2021 holiday season, and replacing it with a buy now, pay later option.
The retailer is working with Affirm on this.
The layaway offering allowed customers to put items on hold with a small deposit and make a series of interest free, regular payments until the total was paid off. They could then pick their products up from their local Walmart store.
Now those people purchasing items online can choose Affirm as a payment method at checkout and apply for a loan. For in-store purchases, they can apply for a loan online, pick their desired payment plan and scan a single use barcode at the register.
"We've learned a lot in the past year as our customers’ needs and shopping habits have changed," a Walmart spokesperson told RTIH.
"Last holiday season, we removed seasonal layaway from most of our stores with the exception of select jewellery items at select stores, and based on what we learned, we are confident that our payment options provide the right solutions for our customers."
Amazon
Last month, Amazon announced it was partnering with Affirm for its first ever buy now, pay later option on the e-commerce site.
This is now available to certain Amazon customers in the US, with a broader roll-out set for the coming months.
The tie up will let people split purchases of $50 or more into smaller, monthly instalments.
“By partnering with Amazon we’re bringing the transparency, predictability and affordability that Affirm provides today to the millions of people who shop on Amazon.com in the US,” said Eric Morse, Senior Vice President of Sales at Affirm, which works with more than 12,000 merchants.
“Offering our alternative to credit cards also delivers more of the payment choice and flexibility consumers on Amazon want.”
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