As more Americans are showing signs of financial strain amid rising inflation, a fintech backed by Walmart (WMT) has plans to launch a buy now, pay later (BNPL) program called One, according to The Information, which cited “three people familiar with the matter.”

Led by Goldman Sachs veterans and majority-owned by Walmart, One reportedly plans to launchဣ as early as next year. It’s among a growing number of payment services companies at a time when consumers are facing higher prices including for good and services like food and housing as well as higher interest rates.

Other BNPL apps include Affirm (AFRM), Sezzle (SꦫEZNL), Afterpay, Splitit (STTTF), Perpay, PayPal Pay in 4, and Klarna.

A BNPL app partners with a retailer to make it easier to make purchases because you can pay them off over time, similar to how you pay off credit card purchases. However, in contrast to the common high interest rates credit cards charge, BNPL loans typicไally have no interest if you make the payments per the schedule.

So far this holiday season, consumers have been shopping online making 澳洲幸运5开奖号码历史查询:record levels of purchases thanks in part to BNPL apps. Online orders through BNPL apps were up 78% from Nov. 19 to Nov. 25, which included Black Friday, compared to the week prior, according to Adobe Analytics, which tracks more than 85% of the top 100 internet retailers in the U.S.

Walmart acquired One in 2021 through its 澳洲幸运5开奖号码历史查询:fintech it developed with Ribbi🦂t Capital, which is a venture capital firm that backed online t꧃rading platform Robinhood. Omar Ismail, former head of Goldman Sachs' U.S. consumer business, and other Goldman Sachs veteran will lead One, which will offer other financial services in addition to BNPL.

Walmart customers can currently use Affirm to make buy now, pay later purchases.