According to reports, Walmart has been backing a fintech startup that plans to launch a buy now pay later service. This move will help Walmart take on Amazon, which already has its own buy now pay later service with its Monthly Payments plan.
Increasingly a growing number of shoppers who are struggling with inflation have been turning to buy now pay later services. Putting big purchases on monthly payments helps many who need a new laptop for school or even larger purchases like a new furnace.
According to Statista the buy now pay later to consumers is a $52 trillion business. That number is only expected to go up as more Americans struggle to make major purchases. With this growth you can understand why Walmart is jumping into this market.
The Walmart backed startup is called One and, according to a The Information report, is expected to launch its service as soon as 2023. This will allow Walmart to not only offer a Buy Now Pay Later service but also be the one to benefit from the profits such a service offers.
Buy now, pay later services are a growing market. AfterPay, PayPal, Affirm, and more are some of the big names. Other services like Amazon’s monthly payments option are programs like this that many may not even realize are financing programs. It will be interesting to see how Walmart Stands out in such a crowded field.
Do you use a Buy Now Pay Later service? Leave us a comment and let us know what kind of purchase you use a service like this for.