A Walmart-backed startup is looking to compete with buy now, pay later companies.
The venture, called One, is gearing up to launch its own version of the payment service as soon as next year, according to a source familiar with the matter.
One, which is majority-owned by Walmart, wants to launch a service that shoppers could use at Walmart’s website and stores, as well as at other retailers, the source said. The effort was motivated in part by a more challenging economic backdrop and consumers feeling pinched by inflation.
Shares of buy now, pay later firm Affirm fell on Friday. Walmart declined to comment.
One is breaking into the growing payment services category as monthly retail sales numbers continue to rise, but some Americans show signs of strain from inflation driving up the prices of food, housing and more. Those stretched wallets could fuel consumers’ interest in paying for purchases in other ways. Buy now, pay later …