Former Paypal co-founder Max Levchin is looking to disrupt the payments market once again with the launch of a new service that lets online merchants advance credit to consumers at the point of sale.
So paying on tick like in the 60's perhaps?
Give the recent issue with responsible lending and people, well not knowing when to stop. Surely this is just another way of convincing people to buy things they can't afford, but instead of banks cutting their losses, shops lose money, stock...need I go
So i can use this or save up my pennies for 3, 4 or 5 months and buy it outright.... saving 6% on the purchase price (not clear if its APR or a 6% fee? if its 6% over 3 months its not cheap credit, over 5 months it is, but the value here is as much in the
database and hooking the consumer who is probably home shopping!!! its not pretty but its probably going to be very profitable.
Affirm sounds similar to BillMeLater, a startup founded in c.2005 and subsequently acquired by PayPal's owner eBay a few years later for ~US$ 1B.
Plenty of similar services here in Russia.
© Finextra Research 2015