Max Levchin is a young CEO of Affirm company. He talks to CNBC about the tough competition from other financial technology companies around the world. But he believes each company has its strong points where it can grow differently from the rest.
The idea of using credit cards and getting new ones is a past period. New things are on the way. But there is no way we can move forward without carrying the technology we used years ago. Their need to compare which is one is the most essential. His company Affirm is very dedicated to serving customers. It provides pint f sale services on loans. Customers are given a certain period to pay the remaining amount in monthly installments. Rates on interest are also allowed and affordable.
The US e-commerce market has reduced the use of the slogan ‘buy now, pay later” by 3%. The idea is flipping down. The demand for such knowledge is low, and the technology involved will have to shift to other methods. Fintech must look for a way to penetrate into the market with changing technology. The competition now shifts to fintech companies. A unique fintech firm has made it to the top.
There has been an Affirm ceremony marked as investor day. Affirm released detailed information on how they want to launch a unique debit card. It will be called a dubbed Affirm Debit Plus card. In addition, the CEO talked about Affirm’s plans to make customers sell their cryptocurrency directly from their savings accounts.
Cryptocurrency in fintech
Cryptocurrency is the leading technology when it comes to the financial industry. The selling and buying of bitcoins have been beneficial to most industries. The bitcoin trading system has been embraced worldwide. People are trading in fresh using bitcoins, which is known to be the easiest way to transact money to people in different countries.
The new plans will allow Affirm to earn more than its competitors. It’s the small things that matter a lot. They will also popularize buy now and pay late methods.
Popular fintech companies like Square and PayPal have moved to BNPL firms. Furthermore, Mastercard also launched its methods. Companies are outdoing each other, so a moment you are late, you miss out a lot. Mastercard is one of the fastest-growing fintech companies when it comes to new technologies.
Square and PayPal
Popular Square and PayPal have already set up a getaway where their customers can sell and buy cryptocurrency. Levchin is very determined about cryptocurrency payments. He thinks Affirm will become competitive once it finds its way through the bitcoins. It does not affirm only, but even minor fintech companies have discussed it.
The interviewer asked Lavchin if Affirm was getting more competition from neighboring fintech companies. He went silent about it and said that his company is aiming at satisfying the needs of customers. The CEO admitted that he doesn’t get much pressure from his competitor.
He counted that “Our consumers love us. We’re unique in the sense that we charge no late fees, we don’t do deferred interest’. The co-founder started his company in 2012. HE is also one of the co-founders of a major PayPal payment tech firm.
Affirm strictly focuses on their clients. This helps them to come up with a mutual relationship in the end. Time will tell as technology changes. No one knows of the future, but there is a long way to go.
The Affirm company made a loss recently of about $112.77. All the blame goes to the stock market, which stumbled over the past few days. But in the recent quarter, the company made 67.4% shares, which is a plus. The CEO is very ambitious about the future.