Buy now, pay later (opens in new tab) services have become increasingly popular among consumers due to the fact that they allow them to spread payments for products over a period of time via installments. In addition to Affirm, other key players in the growing space include Klarna (opens in new tab) and Afterpay (opens in new tab).
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As part of their new partnership, Amazon and Affirm are now in the process of making the payment network's service available to select customers though in the coming months, Amazon plans to to make it more broadly available.
Buy now, pay later without hidden fees
Although consumers have been able to buy products and pay for them later using credit cards (opens in new tab) since the 1950s, late charges and other hidden fees often apply. Affirm on the other hand doesn't charge consumers any late or hidden fees.
Select Amazon (opens in new tab) customers will soon have the option to split the total cost of purchases of $50 or more into simple monthly payments using Affirm. Customers that are approved to use the service will see the total cost of their purchase upfront and will never pay more than what they agree to at checkout.
SVP of Sales at Affirm, Eric Morse provided further insight on the company's new partnership with Amazon in a press release (opens in new tab), saying:
“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 US. Offering Affirm’s alternative to credit cards also delivers more of the payment choice and flexibility consumers on Amazon want.”
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