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Walmart fintech unit preps BNPL play

Walmart fintech unit preps BNPL play

Walmart-backed fintech One is planning to launch a buy now, pay later product, according to CNBC.

The move would see online and in-store Walmart customers offered the option to pay for their shopping in instalments.

The service could be rolled out next year, says CNBC, citing sources.

Walmart has recently been ramping up its presence in financial services through One, the independent fintech unit established under the leadership of former Goldman Sachs consumer banking chief Omer Ismail.

In September, Bloomberg reported that the world's largest retailer was gearing up to beta test a digital checking account with employees and customers, with lending and investing products expected to follow.

Comments: (1)

Ketharaman Swaminathan
Ketharaman Swaminathan - GTM360 Marketing Solutions - Pune 14 December, 2022, 13:41Be the first to give this comment the thumbs up 0 likes

Not sure about Walmart / USA but, in India, retailers offered instalment purchase schemes even as far back as the 1950s. I thought the entire innovation about BNPL was that it let retailers outsource the underwriting-disbursement-collection process of instalment purchase schemes to third parties in the form of Fintechs and Banks. 

Unless I'm missing something, BNPL from a retailer seems like instalment purchase schemes have come a full circle.