Digital payments firm Verifone is teaming with buy now, pay later (BNPL) service Affirm to make Affirm’s payment options available through Verifione’s network, according to a Tuesday (Jan. 18) press release.
The partnership will let merchants offer customers the ability to pay installments online and in-store and offer Affirm’s full range of payment options, including bi-weekly and monthly payments, the release stated.
“We predict that the buy now, pay later (BNPL) market will continue to see rapid growth as more consumers use and gain trust in their preferred wallets, and as merchants expand their payment acceptance to cater to consumer demand,” said Verifone Head of Advanced Payment Methods Jeremy Belostock in the release. “Verifone is excited for this partnership with one of the clear leaders in the pay-over-time space.”
Affirm Chief Revenue Officer Geoff Kott said in the release that the partnership strengthens Affirm’s goal of “becoming ubiquitous.”
“Consumers are demanding more flexible and transparent payment options wherever they choose to shop, both online and in-store,” he said in the release, citing company research showing nearly half of consumers will complete a transaction if a retailer offers a BNPL option.
The companies said in the release that the solution is easy for consumers to use. When checking out online, shoppers select Affirm and the payment plan they want. From there, approved customers are told the cost of their purchase.
When checking out in-store, the clerk or the consumer will choose Affirm on the point of sale (POS) or payment terminal, according to the release. The Verifone terminal will display a QR code for the transaction. The customer scans the code and completes the transaction with the Affirm app.
Over the next few months, merchants will get a chance to add the solution to their stores by integrating their eCommerce or in-store setup with Verifone’s Cloud Services platform.
In 2020, Verifone worked with Swedish BNPL firm Klarna to bring more BNPL options to in-store purchases.