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Amazon Pay, Amazon's online payment service, has now incorporated a Buy Now, Pay Later (BNPL) feature in the US through a strategic partnership with fintech giant, Affirm. The BNPL feature offers more flexible payment options for users making purchases over $50.
Amazon Pay tapped Affirm financial technology company so it can offer an installment payment option to its users. As part of the agreement, Affirm's Buy Now, Pay Later technology has been integrated into Amazon's online payment service.
According to CNET, Affirm has around 16 million active users to date. It allows people to buy anything and pay for the purchase in monthly or bi-weekly terms starting at 0% Annual Percentage Rate (APR). Then again, users must take note that their items must be worth more than $50 to avail of the BNPL offer payment scheme.
Amazon Prime customers have Amazon Pay, and the new Affirm Buy Now, Pay Later is easily accessible since the button for this service is already active on the platform. If a customer wants to use Affirm on Amazon Pay for her or his purchase, easy steps await since clicking the function is all that is needed to be done.
Affirm's processing of approvals for first-time users is fast and almost instant. The financial tech firm said that there is no processing fee, and credit score is not affected by the service as well.
"We know customers want convenient and flexible payment options - whether they are checking out on Amazon.com or using Amazon Pay," Amazon Pay's director, Omar Soudodi, said in a press release. "With Affirm on Amazon Pay, merchants can offer a pay-over-time option to their existing customers and have another way to reach new customers."
Affirm's president, Libor Michalek, further commented, "Digital wallets are an increasingly critical part of the shopping experience and are expected to account for over half of e-commerce transactions worldwide by 2025. By integrating Affirm's Adaptive Checkout, thousands of merchants can offer their customers personalized payment options and increased spending power through Amazon Pay's convenient and secure checkout experience."
Photo: BoliviaInteligente/Unsplash
