Leading point of sale financing firm Affirm recently partnered with Walmart and the nation’s largest bank, JPMorgan Chase, just released a point of sale product; point of sale finance has now become the next hot segment within fintech as banks and startups compete to provide customers with installment loans; Affirm sees the news of JPMorgan as validation, Affirm VP Elizabeth Allin tells the FT, “It is validating that fixed payments over time works so well for consumers that traditional institutions are starting to offer it.”; this could provide a parallel to when Zelle came into the p2p payments market and reached volume numbers equal to Venmo very quickly; the products are different with Affirm using partners and Chase providing financing for almost any purchase regardless of affiliation. Source.
