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Walmart Inc. is planning to offer a buy now, pay later loan to its customers through the fintech venture that it is supporting. Insiders said that the retail company is aiming to launch the BNPL offering as soon as next year.
As per Reuters, Walmart will introduce the BNPL loan through the financial technology firm called “One.” it was last year when the company signed a strategic partnership with Ribbit Capital investment firm to create the said fintech startup.
One is already offering savings accounts, debit cards, and checking accounts, so the BNPL installment payment option will the latest addition to its services. It was said that while Walmart owns the majority of the company, the fintech firm is operating independently.
Walmart has similar services as well, such as cashing checks and money transfers which are available in its own Money Centers inside the stores. It was revealed that the company usually uses Affirm to provide a BNPL option to customers, and it is not clear if it will still keep it after revealing the same loan plan offering through One.
The move to have the fintech firm onboard for its buy now, pay later plans aligns with Walmart’s goal of competing with other buy now, pay later companies. Customers who are shopping online or at its brick-and-mortar stores will be able to enjoy this service, especially at this time when inflation continues to soar.
Through the BNPL, Walmart will also be able to help consumers to stretch their wallets and budget for purchases. The loan could be repaid through fixed monthly payments that come with interest which may vary depending on the purchased items.
CNBC interviewed Walmart’s chief executive officer, Doug McMillion, this week, and he said that they know most of the customers are already very stressed over the inflation. Thus, the BNPL payment option will be a big help to households in some ways.
“We have got some customers who are more budget-conscious that have been under inflation pressure now for months,” the CEO told the publication’s Squawk Box talk show. “That sustained pressure in some categories and I think, it is something customers are having to deal with as we approach Christmas.”
Photo by: Marques Thomas/Unsplash
