Amazon makes a deal with Affirm, the immediate payment provider.

Amazon customers will soon have another payment option at checkout. Affirm, a payment provider that says buy now, pay later that allows...

Amazon customers will soon have another payment option at checkout.

Affirm, a payment provider that says buy now, pay later that allows customers to pay for purchases in installments, said on Friday it had struck a deal with the online retail giant.

Affirm said Amazon customers could use its service for purchases of $ 50 or more – including items such as furniture, housewares, electronics and fashion – and pay in monthly installments. Once approved, customers will be able to see the total purchase price up front – and they won’t be charged any late or hidden fees, the company said.

The service is currently being tested with selected customers, Affirm said, and will be more widely available to buyers in the coming months. According to Affirm, certain purchases, including those from Whole Foods Market, Amazon Fresh, and certain digital purchases like movies and books, will not be eligible.

“Amazon is always looking to add flexible payment options,” an Amazon spokesperson said, “and Affirm is doing it by providing seamless payment over time solutions that customers can choose based on their needs. ”

Buy now, pay later, services have become an increasingly popular option among consumers. And the partnership follows another giant deal last month: Square, the payments company run by Twitter CEO Jack Dorsey, agreed to acquire Afterpay for $ 29 billion. This deal will open the payout option to millions of small businesses who process their credit card transactions through the Square app.

Affirm, whose shares have climbed more than 30% in after-hours trading, has already partnered with 12,000 merchants, including Walmart and Peloton. Peloton accounted for 30% of the company’s total revenue in the fiscal first quarter of 2021, according to an August research report from FT Partners, a financial technology-focused investment banking firm. This was up from 14% in the same quarter a year earlier.

Amazon’s partnership with Affirm is the first with a buy now, pay later vendor in the US; it works with Zip in Australia, where these options are already better established. Amazon had already planned the monthly payment planning options only for certain customers purchasing certain products. It also offered installment programs for clients with the Store Card, the Amazon Rewards Visa Card, and eligible Citi Credit Card members.

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Newsrust - US Top News: Amazon makes a deal with Affirm, the immediate payment provider.
Amazon makes a deal with Affirm, the immediate payment provider.
Newsrust - US Top News
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