Affirm

Uncertainty over how BNPL companies can make money in the long run, high interest rates and concerns over luring shoppers into unwise debt levels are factors this sector has to grapple with.

Concerns are growing that the boom in short-term financing that has fuelled apparel sales is saddling a growing number of vulnerable shoppers with debt they can’t pay. But the concept can still benefit brands, lenders and consumers, with a few key changes.

Paying for purchases in instalments has quickly become ubiquitous online. But Klarna, Affirm and the other fintech players that dominate the space have loftier goals.

Payment solutions company Affirm surveyed thousands of US consumers to better understand recent shifts in spending. Here, Chief Commercial Officer Silvija Martincevic shares the most important findings.

We share actionable insights from the VOICES 2020 talk, identifying the consumer mindset driving the adoption of Buy Now, Pay Later solutions and why retailers should look to the fastest-growing online payment method in the US when developing post-pandemic resurgence plans.