Amazon customers will soon be able to buy now and pay for products later as the e-commerce giant announced a new partnership with payment network Affirm. Buy Now, Pay Later services have become increasingly popular with consumers due to the fact that they allow them to spread out payments for products over a period of time through installments. Besides Affirm, Klarna and Afterpay are other key players in the growing space. As part of their new partnership, Amazon and Affirm are making the payment network service available to some customers, but Amazon plans to make it more widely available in the coming months.
Buy now, pay later with no hidden fees
Although consumers have been able to purchase products and pay for them later with credit cards since the 1950s, late fees and other hidden fees often apply. Affirm, on the other hand, does not charge any hidden or hidden fees to consumers. Some Amazon customers will soon have the option to split the entire cost of purchases of $50 or more into simple monthly payments using Affirm. Customers authorized to use the service will see the full cost of their purchase up front and will never pay more than they agreed to at checkout. Affirm Senior Vice President of Sales Eric Morse provided more information on the company's new partnership with Amazon in a press release, stating, “By partnering with Amazon, we are providing the transparency, predictability and affordability that Affirm offers. today to the millions of people who shop on Amazon.com in the United States. Offering Affirm's alternative to credit cards also provides more payment options and flexibility for Amazon consumers.