Amazon is getting into buy-now-pay-later. The company just announced a partnership with Affirm, a major player in the BNPL space. Customers now have the option of paying in a range of monthly installments at the checkout for purchases of USD 50 or more. In a statement, the companies said they had already started testing the feature with “select customers”. It is unclear how many people see this option early on or in which markets.
Otherwise, this press release did not contain any details. It is unclear when this feature will be rolled out more widely. And, as CNBC notes, the companies have not said whether these purchases will bear interest. The statement promises: “As always, consumers will not be charged any late fees or hidden fees when they choose Affirm.”
We asked Amazon and Affirm for further comments.
The move makes sense for Amazon and is probably a belated one. Many other brands and retailers are already offering buy-it-later options, with CNBC finding that Affirm already serves more than 12,000 retailers, including Walmart. Just recently, Square paid $ 29 billion to acquire Afterpay, another giant in this growing space.
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