Walmart replaces layaway with buy now, pay later


Walmart has ended its layaway program ahead of the holiday shopping season and opted instead to offer an installment payment option with partner Affirm. The rise of buy now, pay later plans from companies like Affirm, Klarna and Afterpay are appealing to retailers because they boost conversion rates and can raise the average ticket size by as much as 50%, according to RBC Capital Markets.

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