The companies said in a statement that as part of the partnership that customers would also have the option to pay for their purchases over time — at brick-and-mortar locations and Walmart.com.
Consumers can check eligibility though an Affirm website before they head to the Supercenter or during the actual shopping experience. Affirm is already available through the Walmart-owned brands Allswell and Hayneedle.
A decision is made in real time, “without impacting [consumers’] credit scores,” according to the release.
The payment terms — for purchases spanning $150 to $2,000 — will stretch over three, six or 12 monthly installments, and consumers are shown the repayment amounts that will be due each month (with no hidden or late fees), with interest charges displayed in dollars and cents rather than what the companies said might otherwise be “hard to calculate interest rates.” To complete a purchase, consumers are offered a barcode that is scanned in store by a Superstore associate.
In a statement, Affirm CEO Max Levchin said, “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. I’m looking forward to introducing Walmart customers to a modern and innovative way to buy the things they need.”
In an interview with PYMNTS last December, CEO Levchin said, “Cash [as a way to pay for things] is just fine as long as one has enough of it, but for most consumers, credit is a way to smooth out a lot of pedestrian expenses that can spring up and create cash flow issues for them.”
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