Embedded finance is collapsing into the checkout

The embedded-finance pitch used to be "add a financial product to your app." In 2026 it's "make the financial product invisible." Financing, coverage, and currency conversion are folding into the moment of purchase as pre-approved defaults rather than separate flows.

The winners are the platforms that already own the transaction context — they can underwrite in the same breath as the sale.

Signal: distribution at the point of intent beats product depth. Whoever owns checkout owns the attach.