… Affirm lets retail customers pay for their purchases using fixed payments, instead of deferred interest, hidden fees and penalties associated with credit cards. Merchants use Affirm to promote products, acquire new customers, increase revenue and glean insights on their consumers’ behaviors.
Affirm now serves around 6.2 million people who have made approximately 17.3 million purchases… As Affirm matures from an installment loan player to a full-blown ecommerce platform, customer metrics begin to matter more. Affirm outperformed its competitors in its measurement of customer loyalty with a 78 on its Net Promoter Score for the second half of the 2020 fiscal year…
7 percent of Americans made a BNPL purchase in the first nine months of 2020 and around 50 million BNPL purchases have been made within the past two years, according to Forbes.
Chase recently entered the market, launching a new BNPL offering. With My Chase Plan, consumer credit card holders can pay off purchases worth $100 or more over a set time period with a fixed monthly payment at zero interest. Prior to a purchase, My Chase Plan users have access to a calculator that determines repayment plan options that go into effect upon purchase.