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Affirm Updates App to Feature More Offers Leading into Holiday Season

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Affirm has announced significant updates to its app, enhancing the user experience ahead of the holiday season. The redesigned app now displays users' real-time purchasing power, features an improved search function, and provides easier access to personalized payment terms and 0% APR offers. According to Affirm's research, 50% of consumers value 0% APR financing options equally or more than traditional discounts, while 53% use pay-over-time options for affordability. The update includes features like purchasing power estimates, improved credit offer discovery, and payment plan management, all without late fees or compound interest.

Affirm ha annunciato aggiornamenti significativi alla sua app, migliorando l'esperienza utente in vista della stagione festiva. L'app riprogettata ora mostra il potere d'acquisto in tempo reale degli utenti, presenta una funzione di ricerca migliorata e offre un accesso più semplice a termini di pagamento personalizzati e offerte a 0% APR. Secondo la ricerca di Affirm, il 50% dei consumatori valuta le opzioni di finanziamento a 0% APR allo stesso livello o addirittura più delle tradizionali scontistiche, mentre il 53% utilizza opzioni di pagamento rateale per motivi di convenienza. L'aggiornamento include funzionalità come stime del potere d'acquisto, migliore scoperta delle offerte di credito e gestione dei piani di pagamento, il tutto senza commissioni di mora o interessi composti.

Affirm ha anunciado actualizaciones significativas en su aplicación, mejorando la experiencia del usuario de cara a la temporada navideña. La aplicación rediseñada ahora muestra el poder de compra en tiempo real de los usuarios, cuenta con una función de búsqueda mejorada y proporciona un acceso más fácil a términos de pago personalizados y ofertas del 0% APR. Según la investigación de Affirm, el 50% de los consumidores valora las opciones de financiación al 0% APR igual o más que los descuentos tradicionales, mientras que el 53% utiliza opciones de pago a plazos por motivos de asequibilidad. La actualización incluye características como estimaciones del poder de compra, mejor descubrimiento de ofertas de crédito y gestión de planes de pago, todo sin cargos por demora ni intereses compuestos.

Affirm은 애플리케이션에 대한 중요한 업데이트를 발표하여 휴가 시즌을 앞두고 사용자 경험을 개선했습니다. 새로 디자인된 앱은 사용자들의 실시간 구매력을 보여주며, 개선된 검색 기능을 갖추고 있고 맞춤형 결제 조건0% APR 제공에 보다 쉽게 접근할 수 있도록 합니다. Affirm의 조사에 따르면, 50%의 소비자들이 0% APR 금융 옵션을 전통적인 할인보다 동등하게 또는 더 가치 있다고 평가하며, 53%는 affordability을 위해 분할 결제 옵션을 사용합니다. 이번 업데이트에는 구매력 추정, 개선된 신용 오퍼 검색, 결제 계획 관리와 같은 기능이 포함되어 있으며, 연체료나 복리 이자 없이 제공됩니다.

Affirm a annoncé des mises à jour significatives de son application, améliorant l'expérience utilisateur avant la saison des fêtes. L'application repensée affiche désormais le pouvoir d'achat en temps réel des utilisateurs, propose une fonction de recherche améliorée et facilite l'accès à des termes de paiement personnalisés et à des offres à 0 % APR. Selon une étude d'Affirm, 50 % des consommateurs accordent la même valeur aux options de financement à 0 % APR qu'aux remises traditionnelles, tandis que 53 % utilisent des options de paiement échelonnées pour des raisons d'accessibilité. La mise à jour comprend des fonctionnalités telles que des estimations de pouvoir d'achat, une meilleure découverte des offres de crédit et la gestion des plans de paiement, le tout sans frais de retard ni intérêts composés.

Affirm hat bedeutende Updates für seine App angekündigt, die das Benutzererlebnis vor der Ferienzeit verbessern. Die überarbeitete App zeigt jetzt die Echtzeit-Kaufkraft der Nutzer an, bietet eine verbesserte Suchfunktion und erleichtert den Zugriff auf personalisierte Zahlungsbedingungen und 0% APR-Angebote. Laut einer Umfrage von Affirm legen 50% der Verbraucher ebenso viel Wert auf 0% APR-Finanzierungsoptionen wie auf herkömmliche Rabatte, während 53% auf flexible Zahlungsoptionen setzen, um die Kosten zu senken. Das Update umfasst Funktionen wie Kaufkraftschätzungen, verbesserte Entdeckung von Kreditangeboten und das Management von Zahlungsplänen, alles ohne Verzugsgebühren oder Zinseszinsen.

Positive
  • 80% of active users have downloaded the Affirm app, showing strong user engagement
  • New app features driving increased user engagement and purchases
  • 50% of consumers value 0% APR financing options equally or more than traditional discounts
  • 53% of consumers using pay-over-time options, indicating strong product adoption
Negative
  • None.

Insights

The app update represents a strategic move to capitalize on holiday shopping trends, but offers material impact on Affirm's immediate financial performance. The enhanced features - prominently displaying purchasing power and 0% APR offers - align with current consumer preferences, as evidenced by the 80% app adoption rate among active users.

The research showing 50% of consumers valuing 0% APR options equally to traditional discounts suggests potential for increased user engagement and transaction volume. However, while these improvements may drive incremental growth in user acquisition and retention, they are evolutionary rather than revolutionary changes to Affirm's core offering.

The timing ahead of holiday shopping and focus on transparency and affordability tools positions Affirm well against competitors, but the impact on revenue and profitability will depend more on broader economic conditions and consumer spending patterns than these specific feature updates.

Improved experience provides access to personalized payment terms and more 0% APR offers with no late or hidden fees

SAN FRANCISCO--(BUSINESS WIRE)-- Affirm (NASDAQ: AFRM), the payment network that empowers consumers and helps merchants drive growth, today unveiled updates to the Affirm app. The redesigned experience shows consumers their real-time purchasing power with Affirm, offers an upgraded search function, and provides easier access to personalized payment terms and interest-free offers. These updates come just in time for a holiday season where consumers are especially hungry for interest-free deals.

“With four in five of our active users (80%) downloading the Affirm app, we are constantly looking for ways to improve the experience and give consumers more of what they want. And we know that this holiday season, paying over time with 0% APR is at the top of our consumers’ wish lists,” said Vishal Kapoor, Affirm’s SVP of Product. “Our app update prioritizes what our consumers want the most: to quickly discover their favorite credit offers from Affirm, seamlessly manage their payments, and see their real-time purchasing potential.”

According to new research from Affirm, budgeting and affordability are among consumers’ top priorities this holiday season. Key findings include:

  • Half of consumers (50%) consider 0% APR financing options to be just as, if not more, valuable than traditional discounts.
  • Over half of consumers (53%) are using pay over time options to make the cost of a purchase more affordable, closely followed by the ability to help them budget (52%).

“Since testing and getting feedback from consumers on the new experience, we’ve seen more users engage with the app and use it to make purchases. This underscores the value of personalization and a transparent approach that doesn’t penalize consumers when they’re late or hit them with unexpected fees,” Kapoor added.

The new app experience gives consumers confidence and clarity when shopping, enabling them to:

  • Check their purchasing power, a live estimate of how much they can spend with Affirm, which is now front and center on the new homescreen.
  • Quickly uncover the most sought-after credit offers from Affirm, including 0% APR options, via the app’s updated search function.
  • See and manage their active payment plans all in one place.
  • Take their money further by opening an Affirm Money Account and unlocking more flexibility with the Affirm Card.

As is always the case with Affirm, consumers are underwritten and approved for each transaction, based on what Affirm believes they can responsibly afford. And they will never pay a penny in late fees or compound interest, ever.

Consumers who are interested in the updated Affirm app can update or download it via the Apple App Store and Google Play Store today. To learn more, visit here.

About Affirm

Affirm’s mission is to deliver honest financial products that improve lives. By building a new kind of payment network – one based on trust, transparency and putting people first – we empower millions of consumers to spend and save responsibly, and give thousands of businesses the tools to fuel growth. Unlike most credit cards and other pay-over-time options, we show consumers exactly what they will pay up front and never charge any late or hidden fees. Follow Affirm on social media: LinkedIn | Instagram | Facebook | X .

Purchasing Power is an estimate of how much you can spend through Affirm. It can change based on your credit and where you shop. Your purchasing power is not always the exact amount you can borrow because it may include a down payment.

Rates from 0-36% APR. Terms may vary by merchant. Payment options through Affirm are subject to an eligibility check, may not be available everywhere, and are provided by these lending partners: affirm.com/lenders. For example, a $800 purchase might cost $72.21/mo over 12 months at 15% APR. or 4 interest-free payments of $200 every 2 weeks. Options depend on your purchase amount, and a down payment may be required. For licenses and disclosures, see affirm.com/licenses. CA residents: Loans by Affirm Loan Services, LLC are made or arranged pursuant to a California Financing Law license.

AFRM-F

Media

Andrea Hackett

press@affirm.com

Source: Affirm

FAQ

What new features did Affirm (AFRM) add to its app in the 2023 holiday update?

Affirm added real-time purchasing power display, improved search functionality, easier access to personalized payment terms, and 0% APR offers. The update also includes centralized payment plan management and integration with Affirm Money Account.

What percentage of Affirm (AFRM) users have downloaded their mobile app?

According to the announcement, 80% of Affirm's active users have downloaded the mobile app.

Does Affirm (AFRM) charge late fees on their payment plans?

No, Affirm does not charge any late fees or compound interest on their payment plans.

What percentage of consumers prefer Affirm's (AFRM) 0% APR financing options?

According to Affirm's research, 50% of consumers consider 0% APR financing options to be just as valuable, if not more valuable, than traditional discounts.

Affirm Holdings, Inc.

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