Walmart is expanding the ways in which its customers can buy now and pay later.
The retailer has partnered with installment payment platform Affirm to offer customers pay-over-time options when they use self-checkout kiosks at more than 4,500 of its stores.
Affirm says the move allows eligible shoppers to easily pay over time for their favorite electronics, apparel, toys, and more in simple monthly payments when checking out themselves in-store. The payment option has been available online and in-store, with employee assistance, since 2019.
"Recent Affirm research revealed that more than half of Americans (54%) are looking for retailers to offer a buy now, pay later option at checkout," Pat Suh, Affirm's SVP of Revenue, said in a statement.
In addition to being available in Walmart stores nationwide, on walmart.com, and in the Walmart app, shoppers can also pay over time with Affirm at Walmart Vision and Auto Centers.
When using the buy now, pay later service, shoppers select a repayment term of 3, 6, or 12 monthly installments and are shown the total cost of their purchase up front before agreeing to the terms. Affirm says there are no hidden or late fees, so users will never pay a dollar more than they agree to. Shoppers receive a unique barcode in the Affirm app that is scanned at the register to complete a purchase.
Financing is limited to $4,000, an Affirm spokesperson told Reuters.
"Expanding our partnership with Walmart and bringing Affirm's transparent monthly pay-over-time options to their self-checkout kiosks in the U.S. will help even more consumers increase their purchasing power," said Suh.
Buy now, pay later services have rapidly gained popularity as an alternative to credit cards or other traditional payment methods. According to Statista Consumer Insights, roughly half of U.S. adults have used the service at least once. Among those who haven't, roughly 40% said they could imagine doing so in the future.