Amazon Partners With Affirm to Roll Out Buy Now Pay Later Service for US Customers

Affirm's tie-up will allow select Amazon customers to split the total cost of purchases of $50 (roughly Rs. 3,700) or more.

By Reuters | Updated: 28 August 2021 11:29 IST

Amazon Partners With Affirm to Roll Out Buy Now Pay Later Service for US Customers

Affirm has become one of the most well-known BNPL firms in the US

Highlights

Affirm partnered with Amazon to make BNPL available to Amazon customers
BNPL services have soared in popularity during the pandemic
Affirm charges merchants a fee to offer small point-of-sale loans

Affirm Holdings shares surged 43 percent on Friday after the company partnered with Amazon.com to make its buy now, pay later (BNPL) service available to certain customers of the e-commerce giant.

Marketed as an alternative to credit cards, BNPL services have soared in popularity during the pandemic as consumers seek options that make purchases easier on their wallets.

Jack Dorsey's Square this month agreed to buy Australian BNPL pioneer Afterpay for $29 billion (roughly Rs. 2,15,620 crores) and a report said in July that Apple and Goldman Sachs were readying a version of the service.

[Sponsored] Samsung Galaxy S24: The Ultimate Camera Phone With Smarter On-Device AI

Affirm's tie-up will allow select Amazon customers to split the total cost of purchases of $50 (roughly Rs. 3,700) or more into simple monthly payments using its service. The feature will roll out to more customers in the coming months.

The nine-year-old company has become one of the most well-known BNPL firms in the United States and its partners include Adidas, Shopify and Walmart.

Affirm charges merchants a fee to offer small point-of-sale loans which shoppers repay in installments, bypassing credit checks.

Google, Microsoft, More Tech Firms Pledge Billions in US Cybersecurity

Shares of Affirm, which debuted on the Nasdaq in January, were at $97 (roughly Rs. 7,100) in extended trading.

Realme is retiring its “X” series. We discussed the new Realme GT 5G and GT Master Edition on Orbital, the Gadgets 360 podcast. Orbital is available on Apple Podcasts, Google Podcasts, Spotify, Amazon Music and wherever you get your podcasts.

Affiliate links may be automatically generated - see our ethics statement for details.

Comments

For the latest tech news and reviews, follow Gadgets 360 on X, Facebook, WhatsApp, Threads and Google News. For the latest videos on gadgets and tech, subscribe to our YouTube channel. If you want to know everything about top influencers, follow our in-house Who'sThat360 on Instagram and YouTube.