Buy Now Pay Later Option Now Available At Walmart?
Buy now, pay later will soon be available at Walmart as the retail giant looks to compete with other options like Klarna, Afterpay, or Affirm. The new service is set to launch sometime at the beginning of 2023 and is named One. The new One program will be available in-store and online at Walmart and other retailers.
Inflation has harmed the economy, and consumers are struggling. Walmart and the new company, One, are looking to offer customers some relief. In addition, to continue competing with other companies that offer buy now, pay later options, Walmart is looking to provide something helpful to customers who are still struggling with inflation.
Other buy now pay later companies have been growing in popularity. Walmart saw an opportunity to further meet a need of their customers and took action. With the new program, customers will have the chance to off their grocerypurchases in small increments over a period of time.
The buy now pay later program, One is not to be confused with layaway that is often available to Walmart customers during the holiday season. While the programs are similar, there are significant changes. Layaway doesn’t allow you to bring the items home until they are fully paid off.
Typically, a customer who has purchased a product through layaway essentially reserves the item, and Walmart holds the item until it is fully paid off. Once the item is paid off, the customer is then able to pick it up and take it home. With the new buy now pay later option, companies can take the items home before they are actually paid off.
The buy now pay later is convenient and an excellent option for those who may be in a bit of a financial pinch but obviously still need to buy groceries. As inflation is still high, even wealthier consumers are feeling the burden, according to Walmart CEO Doug McMillion. With so many people feeling the effects of inflation, the program couldn’t come at a better time.
While the company is under development, Walmart has still provided a buy now pay later to customers. The retail giant is currently in partnership with Affirm to give all customers the flexibility of buying now and paying later. The retailer is also opting not to offer layaway this year and just sticking with the option to purchase and take items home now and pay for them gradually over time.
One, the buy now pay later company, which is majority owned by Walmart, will be led by Omar Ismail. Ismail has led the Goldman Sachs consumer bank. An official launch date has now been announced, but the program is expected to roll out towards the first part of the new year.
In addition to the new Walmart-led buy now pay later option, Apple has announced plans to launch its own version. There are also several similar companies that offer the same type of service. Though the market is slightly saturated with similar buy now pay later companies, customers often utilize services from more than one company.
