The Walmart-backed financial technology company, One, is helping customers to buy now and pay later. 

The payment option is being used in some of Walmart's stores. The Arkansas-based retailer has over 4,000 stores around the U.S. but it didn't specify which stores are using One. 

One declined to comment. 

AMERICANS USING BUY NOW, PAY LATER TO AFFORD GROCERIES, OTHER NECESSITIES

According to One’s website, the pay over time feature applies to purchases between $100 and $3,000. It also comes with an annual percentage rate (APR) between 9.99% and 35.99%, which depends on your creditworthiness.

One's system rivals that of Affirm, which Walmart already uses to help customers purchase products across its stores and online. 

Buy now, pay later services, which let customers pay for purchases over time, have been growing in interest in recent years, especially at a time when Americans are contending with persisting inflation, high interest rates and student loan payments. 

Over the holiday season, for instance, online spending during Cyber Week was driven in large part by "Buy Now Pay Later" options, according to Adobe. 

CYBER MONDAY SALES REACH $12.4B DRIVEN BY 'BUY NOW, PAY LATER'

Usage of such services hit an all-time high on Cyber Monday, accounting for $940 million, an increase of 42.5% year over year. Cart sizes also rose 11% annually as shoppers leaned on the service. 

While they help consumers with flexibility, financial experts warn that there are pitfalls. 

For one, customers need to ensure they have the money to cover the payments when due. If a consumer keeps missing payments, they could very easily be handed over to a debt collector, Martha Callahan, certified financial planner at Maryland-based FBB Capital Partners, previously told FOX Business. 

"It's similar to using a credit card where you make the purchase now, but when it comes time to pay that debt, if you don't have the cash on hand to make the payment. You're just digging yourself into a deeper financial hole," Callahan said.  

Not all payments are interest free either. 

For instance, Walmart noted on its website that Affirm may offer special financing as low as 0% APR but only on select Walmart.com products. 

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Walmart continued saying on its website that "0% APR is a promotional financing offer that is specific to certain Walmart.com products for a limited time."