Splitit has recently begun offering point-of-sale financing with monthly installment payments for debit card purchases, targeting more budget-conscious U.S. and European consumers as well as those without credit.
In the shift to online and mobile shopping, one group often left out is the 65 million Americans with poor or no credit. But as more retail categories like furniture move online, a growing number of e-commerce merchants is adding instant finance options for the subprime crowd.
The Consumer Financial Protection Bureau on Tuesday levied more than $23 million in fines and restitution against two of the nation's largest consumer credit agencies, saying that the companies deceived consumers into paying for data that had little beneficial value.
Its reputation tarnished by revelations that employees opened roughly 2 million phony accounts in order to meet sales targets, Wells Fargo last month suffered a steep decline in new retail checking accounts and credit card applications.
Arguably the biggest shift was that of Avid Modjtabai, the head of consumer lending, who has been named chief of the new payments group focused on digital and online offerings, investments in research and development and strategic partnerships.