Amazon Partners with Affirm to Offer BNPL Option
Amazon has announced a partnership with Affirm, a leading provider of 'buy now pay later' (BNPL) services, to offer customers more flexibility and convenience when shopping online.
Affirm allows customers to split their purchases into monthly installments with transparent and upfront pricing, without any hidden or late fees. Customers can choose from various payment plans ranging from 3 to 48 months, with interest rates starting at 0%.
The service will be available for Amazon customers in the U.S. who spend $50 or more on eligible items, such as furniture, home goods, electronics and fashion. Customers can select Affirm as their payment method at checkout and enter a few pieces of information to get a real-time decision. They can also see the total purchase price and payment schedule before confirming their order.
The partnership is expected to benefit both companies, as Amazon can attract more customers and increase conversions, while Affirm can expand its reach and user base. According to Affirm, it has over 16 million active users and more than 12,000 merchant partners.
The BNPL sector has been growing rapidly in recent years, as more consumers seek alternative and convenient ways to finance their online purchases. According to a report by Coherent Market Insights, the global BNPL market size was valued at $7.3 billion in 2019 and is projected to reach $33.6 billion by 2027, growing at a compound annual growth rate of 21.2%.
Amazon and Affirm said they will begin testing the service with select customers in the coming months and plan to make it more broadly available in the near future.
Affirm allows customers to split their purchases into monthly installments with transparent and upfront pricing, without any hidden or late fees. Customers can choose from various payment plans ranging from 3 to 48 months, with interest rates starting at 0%.
The service will be available for Amazon customers in the U.S. who spend $50 or more on eligible items, such as furniture, home goods, electronics and fashion. Customers can select Affirm as their payment method at checkout and enter a few pieces of information to get a real-time decision. They can also see the total purchase price and payment schedule before confirming their order.
The partnership is expected to benefit both companies, as Amazon can attract more customers and increase conversions, while Affirm can expand its reach and user base. According to Affirm, it has over 16 million active users and more than 12,000 merchant partners.
The BNPL sector has been growing rapidly in recent years, as more consumers seek alternative and convenient ways to finance their online purchases. According to a report by Coherent Market Insights, the global BNPL market size was valued at $7.3 billion in 2019 and is projected to reach $33.6 billion by 2027, growing at a compound annual growth rate of 21.2%.
Amazon and Affirm said they will begin testing the service with select customers in the coming months and plan to make it more broadly available in the near future.
Disclaimer:
Amazon is the registered trademark of the e-commerce brand.
Affirm is the registered trademark of the fintech company.
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ChannelMAX offers Amazon Repricer that runs on the latest AI Repricing algorithm to do Amazon Pricing Management or Amazon Repricing. Based on Amazon SP API, the repricing engine or repricer runs 24/7 and efficiently manages Amazon prices to maximize your BuyBox with profit optimization. Established in 2005, ChannelMAX has been integrated with Amazon technology since 2007, helping thousands of third-party sellers on various eCommerce platforms. Some of the eCommerce platforms, aka marketplaces, supported by ChannelMAX.NET, are Amazon, Walmart, eBay, and Shopify. Some of ChannelMAX key offerings include ChannelMAX Amazon Repricer, 2ndly, ChannelMAX Amazon FBA Audits and FBA Refunds management, an offering for managing Amazon FBA Refunds Reimbursement management for lost or damaged or misplaced inventory for which Amazon is responsible and for which sellers deserve appropriate credit reimbursement from Amazon. ChannelMAX Services offer Remote (aka Virtual) Full-Time eCommerce Assistant to help 3P sellers run their daytoday business.
Check ChannelMAX at Amazon Selling Partner Appstore, an application with a 5 star rating.
About ChannelMAX.NET:
ChannelMAX offers Amazon Repricer that runs on the latest AI Repricing algorithm to do Amazon Pricing Management or Amazon Repricing. Based on Amazon SP API, the repricing engine or repricer runs 24/7 and efficiently manages Amazon prices to maximize your BuyBox with profit optimization. Established in 2005, ChannelMAX has been integrated with Amazon technology since 2007, helping thousands of third-party sellers on various eCommerce platforms. Some of the eCommerce platforms, aka marketplaces, supported by ChannelMAX.NET, are Amazon, Walmart, eBay, and Shopify. Some of ChannelMAX key offerings include ChannelMAX Amazon Repricer, 2ndly, ChannelMAX Amazon FBA Audits and FBA Refunds management, an offering for managing Amazon FBA Refunds Reimbursement management for lost or damaged or misplaced inventory for which Amazon is responsible and for which sellers deserve appropriate credit reimbursement from Amazon. ChannelMAX Services offer Remote (aka Virtual) Full-Time eCommerce Assistant to help 3P sellers run their daytoday business.
Check ChannelMAX at Amazon Selling Partner Appstore, an application with a 5 star rating.