But the demand for the card was and is, very, very significant. We’re not yet pushing it. In fact, there’s a healthy internal debate as to the level of insistence we should take with our users. So there’s a couple of million users that we consider to be sort of fully in on the affirmed story. They use us online. They use us at the point of sale, they use the virtual card number, which is like at this point, you can say it’s kind of diminished Affirm card experience. And so that group, I have pretty high confidence once the card, would love the card, we can push fairly hard to get them all on it. We have not done that yet, just judging by the numbers. And we reserve the right to do just so. That said, there’s plenty of other users that don’t understand Affirm as well as we want them to, and they’re eligible, and some of them are signing up for the card already.
And so there’s still lots of work to do on first user experience. We know, for example, I think I mentioned it in the last call, but the sort of the learning curve to date looks something like this. If you do one transaction, you are not guaranteed to stay with us forever. Once you do two transactions that you’re basically in and after three transactions, you start reading the card as a sort of integral part of your purchasing experience. And so our goal is to both reduce the level of complexity that it takes to get our users through to understand this as well as guide them to that third transaction to just ensure that they fully grasp it. And we’ll continue hammering on that. I expect a few more releases to go by before we feel very satisfied.
And at that point, we can push the gas paddle and start basically telling people this is the only way to use Affirm at an unintegrated merchants, the only way to use Affirm offline, although those avenues are still open for a reason. Does that make sense?
Bryan Keane: Yeah. Got it. And so when you talk about this step function change or whenever that is, it’s not built into the guidance, obviously. But when it happens, it’s a lot of these things that you just talked about you have to feel comfortable with so that you can roll it out in mass and then obviously, the transaction volumes will continue. Just trying to figure out exactly when that step function happens where we go from these small numbers to, obviously, you think this could be pretty material. So just trying to figure out what to watch for.
Max Levchin: We definitely think this can and will be material one day. I am definitely not telling you or anyone when exactly that will happen. There’s still a lot of work to do. We are rolling it out, like at this point, it’s available broadly. If you’re eligible in your app, you will find an invitation to take out the Affirm card. What I said is that we’re not yet saying — like for example, when you tap on to the card tab in the app, if you’ve used Affirm virtual card number, you can still do so. Like, we will tell you, hey, by the way, you’re eligible for the Affirm card, maybe you should grab it, but it’s not the same thing of saying, you wanted to get to the Affirm onetime card, sorry, that deprecated you should use Affirm card that we’ll send you in the mail.
So those kind of steps haven’t been taken yet. But we are ramping up like you can see it in the numbers, and we have – there are a number of things we’re going to do, both as far as educating the end borrower to make sure that they understand how the debit card works. And we will definitely take a bunch of aggressive steps to make sure that everybody who is eligible for it understands exactly that they should come get it.
Bryan Keane: Got it. Super helpful. Thanks so much.
Operator: Our next question comes from the line of Andrew Jeffrey with Truist Securities. Please proceed with your question.
Andrew Jeffrey: Hi. Good afternoon. Appreciate taking the question. 4Q seemed like a really strong quarter from an enterprise customer standpoint. And it seems like from what we’ve seen perhaps Affirm even punched above its weight or well above sort of trended tender share on Prime Day. Max, can you just talk about your thought process around how much tender share you can ultimately gain at least in e-com at your enterprise customers and whether the fourth quarter might be a preview of things to come in terms of share and spend, hence, GMV growth?
Max Levchin: Yes. We certainly like that, obviously. We are taking share of mind share of checkout share of wallet. So I feel very good about that. If you look at more mature BNPL markets, obviously, apples and oranges a little bit, but there are plenty of geos where buy now pay latter, broke into north of 10%, some places even north of 20%. In the U.S. online, I think, in aggregate, we’re hanging around 5% or 6% last I looked, this is — don’t quote me on that exactly, but it’s that order. If you look at full commerce, both online and offline, it’s decidedly sub-1%. So in terms of 99% more to go, and it will probably grow lots before it slows down. It’s always work. It’s all of this is product work. Like, you don’t get to deliver a brand new way to pay for things without customer education, without the right level of promotion in the funnel.
So it’s definitely not a thing that’s going to happen overnight. But on the flip side, you’re exactly right. I consider this quarter a preview of things to come. Like we really focused on the right way of bringing the product to the masses and it paid off.
Andrew Jeffrey: Yeah. That’s clear. As a follow-on for Michael, can you remind us when you lap the tighter credit box? I mean I know you reserved the right to sort of to change your underwriting on the slide, but assuming that you sort of maintain the current level of economic activity, when do we see growth perhaps benefit from that?
