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Buy now, pay later (BNPL) company Affirm will enter the British market.

Date: 2024-11-05 09:38:59 View: 291

U.S. fintech giant Affirm, a leading company in the buy now, pay later (BNPL) field, is about to expand into the British market, optimistic about the huge demand for BNPL from local merchants.

According to reports from CNBC, the Financial Times, etc., Affirm announced the launch of interest-free or interest-bearing installment payment services in the UK, which is its first foray into markets outside the United States and Canada. Max Levchin, CEO of Affirm, pointed out that choosing the UK as the first overseas market is based on an accurate judgment of the huge demand from merchants in the country. In the future, it also plans to further expand into non-English speaking markets.

The first batch of British merchants cooperating with Affirm includes flight booking website Alternative Airlines and payment provider Fexco.

In the British market, Affirm will face fierce competition from peers such as Klarna, Block, and PayPal. Levchin emphasized that Affirm's uniqueness lies in providing a repayment plan of up to 36 months and not charging late fees to users. It mainly obtains income through merchant cooperation fees and interest.

As an outstanding player in the U.S. BNPL industry, Affirm has cooperated with giants such as Amazon and Walmart and successfully integrated into the Apple Pay ecosystem. As a credit card-free installment consumption method, BNPL has risen rapidly in recent years and is favored by young people.

According to data from payment processor Worldpay, global BNPL spending surged by 18% year-on-year to $316 billion last year, accounting for 7% of the total UK e-commerce transaction volume.

At the same time, the British government is consulting on how to regulate the BNPL industry, aiming to require industry players to provide more transparent information to consumers and ensure that the fees paid by consumers do not exceed their repayment ability.

U.S. fintech giant Affirm, a leading company in the buy now, pay later (BNPL) field, is about to expand into the British market, optimistic about the huge demand for BNPL from local merchants. According to reports from CNBC, the Financial Times, etc., Affirm announced the launch of interest-free or interest-bearing installment payment services in the UK, which is its first foray into markets outside the United States and Canada. Max Levchin, CEO of Affirm, pointed out that choosing the UK as the first overseas market is based on an accurate judgment of the huge demand from merchants in the country. In the future, it also plans to further expand into non-English speaking markets. The first batch of British merchants cooperating with Affirm includes flight booking website Alternative Airlines and payment provider Fexco. In the British market, Affirm will face fierce competition from peers such as Klarna, Block, and PayPal. Levchin emphasized that Affirm's uniqueness lies in providing a repayment plan of up to 36 months and not charging late fees to users. It mainly obtains income through merchant cooperation fees and interest. As an outstanding player in the U.S. BNPL industry, Affirm has cooperated with giants such as Amazon and Walmart and successfully integrated into the Apple Pay ecosystem. As a credit card-free installment consumption method, BNPL has risen rapidly in recent years and is favored by young people. According to data from payment processor Worldpay, global BNPL spending surged by 18% year-on-year to $316 billion last year, accounting for 7% of the total UK e-commerce transaction volume. At the same time, the British government is consulting on how to regulate the BNPL industry, aiming to require industry players to provide more transparent information to consumers and ensure that the fees paid by consumers do not exceed their repayment ability.U.S. fintech giant Affirm, a leading company in the buy now, pay later (BNPL) field, is about to expand into the British market, optimistic about the huge demand for BNPL from local merchants. According to reports from CNBC, the Financial Times, etc., Affirm announced the launch of interest-free or interest-bearing installment payment services in the UK, which is its first foray into markets outside the United States and Canada. Max Levchin, CEO of Affirm, pointed out that choosing the UK as the first overseas market is based on an accurate judgment of the huge demand from merchants in the country. In the future, it also plans to further expand into non-English speaking markets. The first batch of British merchants cooperating with Affirm includes flight booking website Alternative Airlines and payment provider Fexco. In the British market, Affirm will face fierce competition from peers such as Klarna, Block, and PayPal. Levchin emphasized that Affirm's uniqueness lies in providing a repayment plan of up to 36 months and not charging late fees to users. It mainly obtains income through merchant cooperation fees and interest. As an outstanding player in the U.S. BNPL industry, Affirm has cooperated with giants such as Amazon and Walmart and successfully integrated into the Apple Pay ecosystem. As a credit card-free installment consumption method, BNPL has risen rapidly in recent years and is favored by young people. According to data from payment processor Worldpay, global BNPL spending surged by 18% year-on-year to $316 billion last year, accounting for 7% of the total UK e-commerce transaction volume. At the same time, the British government is consulting on how to regulate the BNPL industry, aiming to require industry players to provide more transparent information to consumers and ensure that the fees paid by consumers do not exceed their repayment ability.U.S. fintech giant Affirm, a leading company in the buy now, pay later (BNPL) field, is about to expand into the British market, optimistic about the huge demand for BNPL from local merchants. According to reports from CNBC, the Financial Times, etc., Affirm announced the launch of interest-free or interest-bearing installment payment services in the UK, which is its first foray into markets outside the United States and Canada. Max Levchin, CEO of Affirm, pointed out that choosing the UK as the first overseas market is based on an accurate judgment of the huge demand from merchants in the country. In the future, it also plans to further expand into non-English speaking markets. The first batch of British merchants cooperating with Affirm includes flight booking website Alternative Airlines and payment provider Fexco. In the British market, Affirm will face fierce competition from peers such as Klarna, Block, and PayPal. Levchin emphasized that Affirm's uniqueness lies in providing a repayment plan of up to 36 months and not charging late fees to users. It mainly obtains income through merchant cooperation fees and interest. As an outstanding player in the U.S. BNPL industry, Affirm has cooperated with giants such as Amazon and Walmart and successfully integrated into the Apple Pay ecosystem. As a credit card-free installment consumption method, BNPL has risen rapidly in recent years and is favored by young people. According to data from payment processor Worldpay, global BNPL spending surged by 18% year-on-year to $316 billion last year, accounting for 7% of the total UK e-commerce transaction volume. At the same time, the British government is consulting on how to regulate the BNPL industry, aiming to require industry players to provide more transparent information to consumers and ensure that the fees paid by consumers do not exceed their repayment ability.