Walmart-Backed One Introduces Buy Now, Pay Later Service

Fintech startup One, majority-owned by Walmart, now offers BNPL options for high-value items in select U.S. stores.
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Walmart’s fintech arm, One, has launched a buy now, pay later (BNPL) service, enabling customers to purchase big-ticket items like electronics and power tools through installment payments.

This new service positions One alongside Affirm as a payment option for Walmart shoppers, especially in the retailer’s electronics departments where advertisements for both services compete for visibility.

According to a report by CNBC, while Affirm will continue to be available as a payment option at Walmart, One is expected to be promoted more aggressively at the point of sale. JPMorgan analysts suggest that Walmart’s strategy might lead to direct competition between Affirm and One at checkout locations. Apart from retail, Affirm has expanded its BNPL services to include elective medical procedures, a move reported by Reuters.

The BNPL model, which allows customers to repay in several installments, is rapidly gaining traction; it accounted for $75 billion in online sales in 2023 alone, as per Adobe Analytics. One’s BNPL service is available for items such as electronics and automotive accessories, though it excludes groceries, alcohol, and weapons.

As part of its strategy to attract more customers, One also began offering a 5% interest rate on savings accounts last year, significantly higher than the national average.

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