Walmart is providing a new option for customers to pay for purchases over time.
Partnering with financial technology company Affirm Inc., Walmart will enable shoppers to use Affirm to make installment payments on purchases at more than 4,000 Walmart Supercenter stores nationwide. Walmart will also begin to integrate Affirm as a payment option on Walmart.com over the coming weeks.
Customers can check their eligibility for Affirm either ahead of time online or while they shop, using their desktop or mobile devices. A decision is made in real time, without impacting their credit scores.
Once approved, customers select a repayment term of three, six or 12 monthly installments and are shown the exact repayment amount they’ll owe each month, with interest displayed in dollars. There are no hidden or late fees. In-store shoppers they will receive a unique bar-code that is scanned by a store associate at the register to complete a purchase.
“Walmart serves millions and has become a leader in the retail landscape with its commitment to help shoppers ‘save money and live better,’ which closely mirrors our own mission to ‘improve lives’ with our products,” said Max Levchin, founder and CEO at Affirm. “I’m looking forward to introducing Walmart customers to a modern and innovative way to buy the things they need.”
Affirm is available as a payment option on purchases ranging from $150 to $2,000. Customers can shop for thousands of items including electronics, home and garden, automotive, furniture and sporting goods at Walmart supercenters nationwide - except in Iowa, West Virginia and Puerto Rico - and online in the coming weeks. Select items, including alcohol, tobacco, groceries, pharmacy and personal care, firearms and money services, are not eligible to be purchased using Affirm.
“We are focused on providing customers transparent, easy, and convenient ways to pay, and offering Affirm both in stores and online is one way to do that,” said Daniel Eckert, senior VP of Walmart services and digital acceleration. “Providing multiple ways to shop and finance select items with no hidden fees is an important way we deliver on our promise to help our customers save money and live better.”
Affirm is already available at Walmart-owned online brands Allswell and Hayneedle.