Despite significant systemic barriers, consumers classified as subprime remain active participants in the credit market, seeking both traditional products and alternative options to manage finances and improve their credit standing, according to a new PYMNTS Intelligence report. The report, “Subprime Borrowers Flock to Alternative Options...
The traditional pillars of consumer credit are undergoing a profound transformation as “pay later” options, once a niche for specific shoppers, are now redefining how Americans spend and borrow. A new PYMNTS Intelligence report, “Pay Later Revolution: Redefining the Credit Economy,” highlights this evolution, detailing...
New York state introduced legislation to provide oversight to the pay later sector. The legislation, part of Gov. Kathy Hochul’s new budget, is one of several new measures designed to bolster consumer protection, according to a Friday (May 9) press release. “This budget is all...
In its fiscal third quarter, Affirm’s gross merchandise value jumped double digits, all but one spending category showed gains, underscoring the appeal of paying over time, and 1.8 million new consumers transacted within the platform’s growing ecosystem. But guidance that implies at least some deceleration...
Affirm is partnering with Costco to offer online shoppers the option to pay over time for transactions. The financial services company announced the collaboration Thursday (May 8) in a shareholder letter. Customers, if approved, will be to able select monthly Affirm payment plans when shopping...
Pay-later firm Klarna is reportedly rethinking some of its AI-centered cost-cutting. Now, CEO Sebastian Siemiatkowski told Bloomberg News in an interview posted Thursday (May 8), the Swedish startup is undertaking a hiring effort to make sure customers always have the option of talking to a human customer service rep. Siemiatkowski said...
Fresh off Tuesday’s announcement that the Consumer Financial Protection Bureau (CFPB) would not treat buy now, pay later (BNPL) companies like credit card networks, Sezzle’s first quarter 2025 results highlight a company in the midst of rapid transformation, with nonfinancial developments signaling a strategic pivot...
The pay later economy got a big boost late in the day Tuesday (May 6) when the Consumer Financial Protection Bureau (CFPB) announced in a terse, one-paragraph press release that it will rescind the bureau’s earlier proposal to treat buy now, pay later (BNPL) companies...
The “What’s Next in Payments” series exploring the dynamic service economy has focused on the evolution of payments companies as they add a range of offerings that once were the purview of card networks. The networks have traditionally provided merchant clients with improved checkout experiences...