Amazon customers can soon tap a buy now, pay later (BNPL) solution via the eCommerce giant’s new collaboration with Affirm, a trial move that is being tested with select companies and their customers.
“By partnering with Amazon we’re bringing the transparency, predictability and affordability that Affirm provides today to the millions of people who shop on Amazon.com in the U.S.,” Affirm Senior Vice President of Sales Eric Morse said in a Friday (Aug. 27) announcement.
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He added that with Affirm, Amazon can offer an alternate payment method to consumers that is based on interest-free installments, according to a the announcement.
“Offering Affirm’s alternative to credit cards also delivers more of the payment choice and flexibility consumers on Amazon want,” Morse said.
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Launched in 2012 in Silicon Valley, Affirm is a FinTech startup that offers consumers the ability to pay for purchases over time, interest-free at the point of sale. The network empowers shoppers, but also gives merchants the ability to advance growth via new payment options.
Although the Affirm payment option is only being rolled out to select customers, per the release, the long-range plan is to extend the benefit to more customers in the months ahead.
Read more: BNPL Adoption Accelerates, Driven By Benefits To Consumers, Retailers
The tie-up between the two firms will enable Amazon consumers to split purchase payments of $50 or more into equal installments, without late fees or hidden charges, according to the release. Affirm’s mission is steeped in continuing to build out a payment network that is transparent and secure. The startup partners with multiple lending partners.
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