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 and
a report said in July that Apple and Goldman Sachs were readying a version of
the service.
Affirm's tie-up will allow select Amazon customers to split
the total cost of purchases of $50 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.
Shares of Affirm, which debuted on the Nasdaq in January, were at $97 in extended trading. © Reuters
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