U.S. Bank stepped into the buy now, pay later space Tuesday with the launch of Avvance, a new point-of-sale lending product.
Similar to other BNPL checkout experiences, an Avvance button will now pop up at checkout on the websites of participating retailers, which Rob Seidman, the bank’s chief product officer for point-of-sale lending/BNPL, said was an “actively growing” list of merchants.
Customers can choose to pay with Avvance by inputting basic credit information, such as name and address, at the checkout phase of a transaction. They will then find out what annual percentage rate they qualify for — depending, as well, on the term of their loan, which can range from three to 60 months.
