PayPal co-founder launches mobile-payment startup Affirm

PayPal co-founder Max Levchin has launched Affirm, a startup that offers qualifying mobile shoppers at participating merchants instant credit to speed up transactions and help retailers avoid abandoned online shopping carts. Affirm's algorithm evaluates consumers' creditworthiness based on their Facebook profile and other data, and only those deemed a good risk will see the "Pay with Affirm" button at checkout.

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San Jose Mercury News (Calif.) (free registration)

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