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AnnaMaria Andriotis: This is such a play on psychology. At many merchants right now, you are literally looking at an item. You see the full price of the item, and then some merchants are putting "or, pay with Klarna," or, "pay with Afterpay," or, "pay with Affirm, and it's $25 in four installments." And so, somebody could just be browsing and looking at a $100 dress, for example, and look at it, think, "Oh, that's a nice dress.
AnnaMaria Andriotis: They assess certain risk levels with regards to the product that they're buying. They might factor in things like their income. Essentially, what they want to know is that this person has recurring income to the point where they'll be able to pay this installment plan. AnnaMaria Andriotis: Walmart felt that it's existing store card issuer, Synchrony Financial, with whom it had had been an exclusive relationship for a very long time, felt like its existing credit card issuer was not approving enough people, and that was costing it sales.
AnnaMaria Andriotis: And it was like, wait a minute. Up until now, these upstart FinTech, non-bank type companies that we know own about in this buy now, pay later space have mostly been affiliated with merchants that are either unknown or known, but really not that exciting. So now Walmart, the largest merchant, the largest retailer in the U.S., is in discussions with Affirm.
AnnaMaria Andriotis: Capital One. This month, its CEO said that it will test out its own by now pay later offering later this year. Wells Fargo and Bank of America are exploring adding installment plans on their credit cards. Most notable, as I see it, is what Visa's been working on, which is that it's been testing out ways for shoppers to check if they qualify for installment plans when they enter their card numbers at checkout.
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