Scooch on over Affirm: JPM Chase enters purchasing financing market
- JPM Chase plans to enter the point of sale lending market.
- With 'My Chase Plan', cardholders will be able to finance purchases of $500 and above.
JPM Chase is preparing to launch an option for cardholders to pay in installments for purchases over $500 and run up loans on bigger ticket items. What's happening: 'My Chase Plan' was unveiled by JPMorgan during the company’s investor day in New York on Tuesday. The tool allows card customers to select from past purchases of more than $500 and choose to finance them over a longer period with monthly fees, rather than an interest-based repayment What's the big deal: Purchase financing is a quickly growing trend. Alternatively knows as POS financing, more merchants and lenders are making it easy for customers to finance single purchases at the point of sale.
- Mastercard estimates the instant financing market at $1.7 trillion.
- More than a quarter of customers have used instant financing when shopping online.