Affirm is a financial startup that allows users to pay for expensive items from select retailers in monthly installment plans, after they are first approved for a loan on the company's website or in the app. Today the company announced that users will now be able to secure credit in seconds and then checkout in retail stores thanks to integration of the Affirm virtual card into Apple Pay.

To apply for Affirm financing, customers complete a "simple, five-field" application that provides them with a real-time credit decision (rates are between 10-30 percent APR based on personal credit). After approval, customers use the Affirm app to enter the amount they want to spend by selecting a payment plan on the item (3, 6, 12, 18, or 24 months), and Affirm loads up the cost of the full purchase onto the virtual card, paying the merchant for the item and taking on "all fraud risk for the purchase."

affirm mobile app
With the addition of Apple Pay, Affirm's virtual card can be used anywhere that Apple Pay is accepted.

“People’s shopping habits are evolving very quickly, beyond simply moving online-to-offline or offline-to-online when engaging with merchants,” said Rob Pfeifer, Chief Retail Officer at Affirm. “Consumers are on their phones, online, and in-store throughout a shopping experience. Affirm provides a solution for this omnichannel experience in the form of transparent and honest finance.”

For merchants, Affirm says it provides two options to support the service: integration with the Affirm InStore API with their own point-of-sale system, or support Affirm's expanded virtual card experience. The company explained that regardless of what method merchants choose, the customer's retail checkout process is "virtually identical" to Affirm online and in the iOS app.

Affirm founder and CEO Max Levchin told Bloomberg that the company hopes it will continue to expand and that more stores will "embrace" Affirm because of its ability to offer retailers "insights into customer purchasing habits."

Levchin hopes more stores will embrace Affirm’s approach by offering them insights into customer purchasing habits. With Affirm In-Store, retailers are able to track if someone applies for a loan in the shop but finishes the transaction elsewhere. This is designed to let the retailer better understand the impact of sales staff.

“I’m optimistic there will be a day when shoppers instinctively reach for their phone and the Affirm app, rather than their credit card,’’ Levchin said.

In its press release, Affirm detailed how Apple reseller Simply Mac switched from paper-based applications for loans on its private label credit card, to Affirm InStore's new process. Tiffany Polmateer, Simply Mac’s director of purchasing and operations, said that since supporting Affirm it has seen a 20 percent increase in average order values, 63 percent more customer financing applications, and 34 percent more approvals per store.

Affirm is available to download on the iOS App Store for free. [Direct Link]

Related Roundup: Apple Pay
Tag: Affirm

Top Rated Comments

thisisnotmyname Avatar
56 months ago
If your credit is that bad you shouldn't be allowed to loan money in the first place if you ask me.
I disagree. I don't think anyone should be totally locked out of credit markets. People need a path to recovery after bad choices or bad luck.
Score: 4 Votes (Like | Disagree)
JRobinsonJr Avatar
56 months ago
I disagree. I don't think anyone should be totally locked out of credit markets. People need a path to recovery after bad choices or bad luck.
Yes, but... there's a difference between "path to recovery" and "path to getting yourself into deeper trouble"... and a fine line between them.
Score: 4 Votes (Like | Disagree)
justperry Avatar
56 months ago

(rates are between 10-30 percent APR based on personal credit).
10-30% APR, Wow.

10% I can understand but 30%.....:(
Score: 4 Votes (Like | Disagree)
ArtOfWarfare Avatar
56 months ago
10-30% APR, Wow.

10% I can understand but 30%.....:(
Sounds like the newest take on payday loans to me...
Score: 2 Votes (Like | Disagree)
bunnicula Avatar
51 months ago
I know this thread is old, but Affirm actually isn’t terrible. I’d say that it’s better than credit cards, in a way. You don’t get forever to pay stuff back and if you pay it back early, your interest payments are credited back for the faster repayment period.

Which is better than a payday loan. Those are horrible.

I think it’s attractive to younger people because they don’t want to run up debt on credit cards, but sometimes want to buy something (for whatever reason) that they can afford in several installments, but not all at once.

I tried it out on something I paid off after it I received it and made sure I was happy with it (a custom piece of jewelry) and it was really affordable. Affirm and credit card were the only options and I had never used the artist before.
Score: 1 Votes (Like | Disagree)
brinary001 Avatar
56 months ago
10-30% APR, Wow.

10% I can understand but 30%.....:(
You should check out Discover’s upper limit for their APRs. Easily push 30%..
Score: 1 Votes (Like | Disagree)

Popular Stories

2022 back to school apple

Apple Launches 2022 Back to School Offer: Up to $150 Gift Card With Mac or iPad

Friday June 24, 2022 5:08 am PDT by
Apple today launched its annual "Back to School" promotion for college/university students in the United States and Canada. This year's promotion offers a free Apple gift card with the purchase of an eligible Mac or iPad, rather than free AirPods like last year. Apple is also offering students 20% off AppleCare+ plans during the promotion. Apple is offering a $150 gift card with the purchase ...
widgets ios 16 feature

Gurman: iPhone 14 Pro to Feature Always-On Display Showing iOS 16's New Lock Screen Widgets

Sunday June 26, 2022 7:36 am PDT by
iPhone 14 Pro models are widely expected to feature always-on displays that allow users to view glanceable information without having to tap to wake the screen. In the latest edition of his Power On newsletter for Bloomberg, Mark Gurman said the feature will include support for iOS 16's new Lock screen widgets for weather, fitness, and more. "Like the Apple Watch, the iPhone 14 Pro will be...
m2 mac mini screen feature

Gurman: Apple Planning M2 Pro Mac Mini, New Apple TV With A14 Chip, Revamped HomePod With S8 Chip, and More

Sunday June 26, 2022 6:31 am PDT by
In the latest edition of his Power On newsletter for Bloomberg, Mark Gurman outlined additional M2 Macs on Apple's product roadmap, including new Mac mini models with M2 and M2 Pro chips, new 14-inch and 16-inch MacBook Pro models with M2 Pro and M2 Max chips, and a new Mac Pro tower with M2 Ultra and "M2 Extreme" chips. Following the M2 series of Macs, Gurman said the first M3 series of...
13 inch macbook pro m2 mock feature 2

Base 13-Inch MacBook Pro With M2 Chip Has Significantly Slower SSD Speeds

Sunday June 26, 2022 2:52 pm PDT by
Following the launch of Apple's new 13-inch MacBook Pro with the M2 chip, it has been discovered that the $1,299 base model with 256GB of storage has significantly slower SSD read/write speeds compared to the equivalent previous-generation model. YouTube channels such as Max Tech and Created Tech tested the 256GB model with Blackmagic's Disk Speed Test app and found that the SSD's read and...
M2 Pro and Max Feature

Apple's Upcoming M2 Pro Chip for High-End MacBook Pro and Mac Mini Will Reportedly Be 3nm

Monday June 27, 2022 7:31 am PDT by
TSMC will manufacture Apple's upcoming "M2 Pro" and "M3" chips based on its 3nm process, according to Taiwanese industry publication DigiTimes. "Apple reportedly has booked TSMC capacity for its upcoming 3nm M3 and M2 Pro processors," said DigiTimes, in a report focused on competition between chipmakers like TSMC and Samsung to secure 3nm chip orders. As expected, the report said TSMC will...
airpods pro 2 1

AirPods Pro 2 Said to Feature Upgraded H1 Chip, Find My, Heart Rate Detection, USB-C and More

Friday June 24, 2022 9:48 am PDT by
The next-generation AirPods Pro could come with a long list of new features that include heart rate detection, the ability to function as a hearing aid, and a USB-C port according to a report from 52Audio. The site claims that it has received new information on the AirPods Pro 2, and it has used that information to provide some renders on what the earbuds might look like. Design wise, there...
tesla carplay hack

Tesla Apple CarPlay Hack Updated to Work With Any Tesla Model

Monday June 27, 2022 3:38 am PDT by
Polish developer Michał Gapiński has released a new and improved version of his "Tesla Android Project" which brings Apple's CarPlay experience to more Tesla vehicles than ever before. According to Gapiński, version 2022.25.1 provides "100% functional CarPlay integration for any Tesla," and comes with several new features and bug fixes. The project now supports DRM video playback so that...