PayPal Co-Founder Max Levchin Launches mCommerce Firm

What's Next In Payments®
5:41 AM EST February 27th, 2013

PayPal co-founder Max Levchin has launched a new mCommerce firm, Affirm, which offers a quick and simple online check out process. “Affirm argues that the online checkout experience has not improved for shoppers in more than a decade, meaning merchants are left with countless abandoned carts,” according to Finextra. Affirm will use Facebook to authenticate customers at the checkout, Levchin told AllThingsD, before guaranteeing the merchant payment, for which it gets a fee.

Stripe — in which Levchin is an investor, too — will be processing credit card payments on the back end, AllThingsD.com reported.

Finextra added: “Acting as a digital charge card, Affirm then gives the customers 30 days to settle the bill, although it does not charge them for this.”

“You will essentially be putting a purchase on a digital tab, and we are going to make it work for us by looking at all available data to determine if you are someone who will pay it back,” says Levchin.

Affirm’s beta launch partner is 1-800-Flowers.

Read the full story here and here.

Topics:
Comments
Also by This Author
What's Hot
Alternative Financial Services
Ant Financial To IPO In 2016
Merchant Innovation
California Startup SimpleFi Hopes to Challenge Payday Lenders with Employee Targeting
Consumer Finance
Visa Europe to Spend EUR 200 Million on Digital Payment Technology
B2B Payments
Slyce Snatches Coupon App SnipSnap for $6.5 Million
View All Articles ››
You May Also Like
Company Spotlight
Different mPOS Strokes for Different mPOS Folks
International
Digital River Offers A Sneak Peak At Mobile eCommerce Trends
Mobile Commerce
Trustwave Buys Cenzic To Beef Up App Testing Capability
Alternative Financial Services
Ant Financial To IPO In 2016
News
Bed Bath & Beyond Finds Its Money in the Latter
Merchant Innovation
California Startup SimpleFi Hopes to Challenge Payday Lenders with Employee Targeting
Cool
Earnings Lollapalooza
View All Articles ››