Affirm, Apple Pay to release online credit card

With the new product, users will be able to sign up through the website or at checkout on web stores for financing that is paid off in monthly instalments. The micro-lending program will be available through Apple Pay and will allow customers to tap their iPhones to pay in brick-and-mortar stores.

Moreover, the solution will provide stores with insights into customer purchasing habits. Retailers will be able to track if someone applies for a loan in the shop but finishes the transaction elsewhere. This is designed to let the retailer better understand the impact of sales staff.

Affirm works with more than 1,000 retailers and is used by people who want a separate financing option for major transactions, like a computer or smartphone.