Walmart-backed fintech startup, One, is looking to launch its own buy now, pay later (BNPL) solution as soon as next year.
The solution will provide shoppers with flexible payment options for purchases made on Walmart’s website and physical stores and those made at other retailers.
The planned launch of the offering comes at a time when consumers are reigning back their discretionary spending in response to inflation, which has negatively impacted retailers across the board.
“We’ve got some customers who are more budget-conscious that have been under inflation pressure now for months,” Walmart CEO Doug McMillon told CNBC.
The BNPL service will add to a slew of other financial services offered by Walmart, the largest grocer in the country. For example, the company currently offers a money center where customers who lack access to basic banking services can seek services such as printing checks, sending and receiving money, and loading prepaid debit cards.
Last year, Walmart also launched a new fintech startup in partnership with Ribbit Capital, an investor in Robinhood.
Walmart’s BNPL solution will be the latest addition to an already crowded space dominated by players such as Affirm, AfterPay, Apple, Klarna, and PayPal.