Affirm, a pioneer in the Buy Now, Pay Later (BNPL) industry, seems to be shifting its focus from retail partnerships, like the one with Walmart, to financing elective medical procedures. Meanwhile, One, a newer BNPL company founded in 2019, is expanding its footprint in Walmart stores and aims to become a financial super app. The company, started by ex-Goldman Sachs partner Omer Ismail, made headlines in 2021 with Walmart's backing and has introduced competitive offerings such as 5% interest rates on savings. Despite Affirm's current dominance at Walmart, One's entry into the scene is stirring up competition in both in-store and online shopping environments. This rivalry is intensifying as BNPL's popularity soars, with a significant increase in online spending via BNPL methods recorded in early 2024.
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