Affirm Holdings Inc. early Monday widened banks’ access to its buy now, pay later loan programs for debit card holders through a deal with Fiserv Inc. The deal will enable banks on the Fiserv network to integrate Affirm’s pay-over-time solution into their debit card programs via their digital-banking and mobile-app platforms.
Affirm rolled out its debit solution in 2023 with the launch of the Affirm Card, a physical and virtual debit card that gives cardholders the option to either pay in full or request to pay over time using the Affirm app.
As part of its deal with Fiserv, debit card holders can request a pay-over-time loan in advance of a purchase through their financial institution’s mobile app. After the request is approved, it attaches to the bank customer’s debit card. The loan is activated when the cardholder uses her debit card to complete the purchase.