Affirm Hits 2 Million Debit Cards Milestone

Affirm has access to 2 million debit cards, and this puts it in a better place in terms of the payments & cards sector by allowing it to get user engagement and interchange revenue.

Affirm, the buy now, pay later (BNPL) provider has reached a significant milestone in the payments & cards category, as two million Affirm debit cards are currently in circulation. That is a 43 percent increase in the issuance of cards since January, said the Chief Operating Officer of the company, Michael Linford.

Appearing at the William Blair 45th Annual Growth Stock Conference in Chicago on June 5, Linford highlighted the strategic value of these cards which are issued via Evolve Bank and Trust to drive better user engagement. He emphasized that payments & cards are an essential part of the Affirm revenue system, specifically in the interchange fees.

“This is a major component of our long-term strategy,” Linford observed. “We get users at point of sale, and we get rewarded.”

The rapid expansion highlights the overall effort of Affirm to establish itself in the crowded payments & cards space. As the consumers continue to use the BNPL services, it seems that debit card usage is an element that the company considers to broaden and distribute the revenue streams in the payments & cards segment.