Results for: Pay Later (BNPL)

Rising inflation and cost of living are forcing consumers to reassess their financial priorities, leading many to sacrifice crucial medical care. To address this, healthcare providers are implementing flexible payment plans that allow patients to spread out their healthcare expenses over time. These plans ease financial burden and enhance affordability and access to treatments and medications that patients may not have the immediate funds for. Small- to medium-sized healthcare businesses are well-positioned to implement these solutions due to their adaptability, agility, and close patient connections.

Affirm, a leading fintech lender, has quietly expanded its offerings to include ‘buy now, pay later’ (BNPL) loans for elective medical procedures. The company has more than doubled the number of elective medical merchants on its network in the past year, reaching around 130 at the end of 2023. Affirm’s installment product charges between 0 percent and 36 percent, depending on the purchase price and a borrower’s credit profile. The move into medical highlights how lenders in the space are trying to expand beyond e-commerce, but it could also fuel concerns among regulators and advocacy groups that BNPL lending is leading consumers to borrow more than they can afford.

Walmart’s fintech startup One has expanded its offerings to include buy now, pay later (BNPL) loans for larger purchases at over 4,600 U.S. stores, posing a direct challenge to BNPL leader Affirm and marking a step towards One’s evolution into a comprehensive financial superapp. The move comes amidst growing popularity of BNPL solutions, with Adobe Analytics data indicating a 12% increase in BNPL-driven online spending during the first quarter of 2023.