Affirm Announces Plans For Its First Card with Access to Buy Now, Pay Later
February 25 2021 - 9:00AM
Business Wire
The Affirm Card to connect to Affirm’s
pay-over-time benefits, with no late or hidden fees
Affirm Holdings, Inc. (NASDAQ: AFRM) ("Affirm"), a more flexible
and transparent alternative to credit cards, today announced plans
for the Affirm Card, the first U.S. debit card to have direct
access to pay-over-time functionality. The Affirm Card will allow
consumers to pay upfront, from their bank account, or pay later, by
using a unique post-purchase feature. In just a couple of taps,
consumers will be able to instantly convert any eligible
transaction into one that is pay-over-time. As always with Affirm,
there are no late fees or hidden charges, ever.
“We know consumers are looking for financial control and
flexibility. In the last year, we’ve seen two key trends: huge
growth of buy-now-pay-later transactions, and consumer preference
shift to debit cards over credit cards. The Affirm Card combines
the two, allowing Affirm to meet consumers where they are and
empowering them to pay on their own terms,” said Max Levchin, CEO
and founder of Affirm.
The company is announcing its plans for the Affirm Card to
address both of these trends. According to research from The
Ascent, over a third of U.S. consumers have used a BNPL service.
Additionally, the Federal Reserve Bank of San Francisco reported in
a recent study that debit accounted for 30% of all payments.
"Millions of consumers have already enjoyed Affirm's simple and
transparent pay-over-time offerings at thousands of merchants,"
said Levchin. "Soon, whether shopping for a laptop at Walmart or
glasses at Warby Parker, consumers will be able to choose to buy
now or pay later, using the Affirm Card at check out, online or
in-store, with no hidden fees."
Affirm expects to make the Affirm Card broadly available later
this year and invites all consumers interested in early access to
sign up for the Affirm Card waitlist today at
https://www.affirm.com/card.
About Affirm
Affirm’s mission is to deliver honest financial products that
improve lives. With that in mind, we are building the next
generation platform for digital and mobile-first commerce, making
it easier for consumers to spend responsibly and with confidence,
easier for merchants to convert sales and grow, and easier for
commerce to thrive.
Payment options are offered by Affirm, are subject to an
eligibility check, and may not be available in all states. Options
depend on your purchase amount, and a down payment may be required.
CA residents: Loans by Affirm Loan Services, LLC are made or
arranged pursuant to California Finance Lender license
60DBO-111681.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements that
involve risks and uncertainties. In some cases, forward-looking
statements may be identified by words such as "design," "expect,"
"may," "plan," "should," "will," “would,” or the negative of these
terms or other similar expressions. All statements other than
statements of historical fact are forward-looking statements,
including statements regarding: Affirm's product strategy; Affirm's
plans with respect to, and the expected timing of, the development
and introduction of new products; and the planned features and
functionality of new products. These statements involve known and
unknown risks, uncertainties and other important factors that may
cause Affirm's actual results, performance or achievements to be
materially different from any future results, performance or
achievements expressed or implied by the forward-looking
statements. Risks, uncertainties and assumptions include the risks
that are described in Affirm’s Quarterly Report on Form 10-Q for
the fiscal quarter ended December 31, 2020 and in its other filings
with the U.S. Securities and Exchange Commission. These
forward-looking statements reflect Affirm’s views with respect to
future events as of the date hereof and are based on assumptions
and subject to risks and uncertainties. Given these uncertainties,
investors should not place undue reliance on these forward-looking
statements. These forward-looking statements are made as of the
date hereof, and Affirm assumes no obligation and do not intend to
update these forward-looking statements.
AFRM-F
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version on businesswire.com: https://www.businesswire.com/news/home/20210225005629/en/
Press Contact Aida Zepeda-Torres press@affirm.com
650-398-2715
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