Point of Sale Finance Has Become the Next Battle Between Banks and Fintechs

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.

  • Todd Anderson

    Todd is the host of PitchIt: the fintech startups podcast, a weekly interview show featuring emerging fintech founders and leading venture capitalists. He is responsible for leading the content team which covers fintech through daily & weekly email newsletters, editorial, virtual events, and in-person conferences. He has been covering fintech, banking, and venture capital for more than 15 years, including speaking regularly at industry events.