How does the new ‘buy-now, pay later’ option at Walmart self-checkouts work?
Eligible customers can pay for their holiday shopping at Walmart with ‘buy now, pay later’ loans at select self-checkout counters. Here’s how it works.
If you have big purchases to make this holiday season at Walmart, you can now take advantage of a “buy now, pay later” plan that the retailer is offering at their self-checkout kiosks in more than 4,500 stores in the country.
Walmart has amplified its collaboration with payment network Affirm, which will allow buyers to divide payments over three to 24 months when they pay for their purchases at the kiosks.
“Expanding our partnership with Walmart and bringing Affirm’s transparent monthly pay-over-time options to their self-checkout kiosks in the US will help even more consumers increase their purchasing power during the holiday shopping season and beyond,” the company said in a statement.
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How does the new ‘buy-now, pay later’ option at Walmart self-checkouts work?
Qualified buyers can choose the option to pay over time when they purchase at least $144 worth of products at the store including electronics, apparel and toys. The loans exclude groceries, and financing is limited to a maximum of $4,000.
Customers first scan their purchases at the store’s self-checkout counters, then log onto Affirm’s app or website. They simply enter their details, including the last four digits of their social security number. If the buyer is approved, they will receive a barcode which they can use to complete their payment.
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Where else can clients choose the ‘buy-now, pay later’ option?
Aside from goods within Walmart stores, customers can also pay in installments at Walmart Vision and Auto Centers. Affirm assures that buyers will first be shown the total cost of their purchase and will not have to pay any more than they agreed to do up front, nor will the company charge them any late or hidden fees.
Consumers are increasingly opting to delay payments on purchases as credit card balances rise to record levels.