The latest battleground between established banks and upstart financial technology companies is over who will finance consumers’ purchases at the moment they are made, online or in physical stores.
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JPMorgan launches a challenger to Affirm, the US consumer finance start-up
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That news came a day after JPMorgan Chase announced that it was entering the instalment plan business, offering fixed monthly payment plans for purchases more than $500 by its cardholders — a tacit acknowledgment that defending its turf in consumer finance may require moving beyond traditional credit-card lending.
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