Walmart's majority-owned fintech startup One has begun offering buy now, pay later loans for big-ticket items at some of the retailer's more than 4,600 U.S. stores, CNBC has learned.
One's push into lending is the clearest sign yet of its ambition to become a financial superapp, a mobile one-stop shop for saving, spending and borrowing money.as CEO, the fintech startup has intrigued and threatened a financial landscape dominated by banks — and poached talent from more established lenders and payments firms.
Buy now, pay later has gained popularity with consumers for everyday items as well as larger purchases. From January through March of this year, BNPL drove $19.2 billion in online spending, according to Adobe Analytics. That's a 12% year-over-year increase.
One could generate roughly $1.6 billion in annual revenue from debit cards and lending in the near term, and more than $4 billion if it expands into investing and other areas, according to "Upon information and belief, Walmart intends to offer its branded credit cards through One in the future," Capital One said last year in response to Walmart's suit. "With One, Walmart is positioning itself to compete directly with Capital One to provide credit and payment products to Walmart customers."