Amazon Pay Adds Affirm’s Pay-Over-Time Option

Amazon Pay Adds Affirm’s Pay-Over-Time Option

Amazon has added Affirm’s pay-over-time option to Amazon Pay.

With this addition, eligible United States merchants using Amazon Pay can allow their customers to choose the pay-over-time option at checkout, the companies said in a Wednesday (June 7) press release.

“We know customers want convenient and flexible payment options — whether they’re checking out on Amazon.com or using Amazon Pay,” Amazon Pay Director Omar Soudodi said in the release. “With Affirm on Amazon Pay, merchants can offer a pay-over-time option to their existing customers and have another way to reach new customers.”

PYMNTS research has found that a variety of consumers are looking for buy now, pay later (BNPL) options at checkout.

For example, 56% of luxury and specialty store shoppers said they are highly interested in using installment payments for purchases online, according to “BNPL and the in-Store Opportunity: Why Merchants Must Offer Payment Flexibility at the POS,” a PYMNTS and Zip collaboration.

The report also found that 46% of department store customers said they would switch to another retailer that offered BNPL as a payment option.

The addition of the Affirm product to Amazon Pay taps into consumers’ growing demand for both digital wallets and flexible payment options, Affirm President Libor Michalek said in the release.

“By integrating Affirm’s Adaptive Checkout, thousands of merchants can offer their customers personalized payment options and increased spending power through Amazon Pay’s convenient and secure checkout experience,” Michalek said in the release.

The news of this collaboration comes a week after Affirm partnered with Worldpay to make Affirm’s Adaptive Checkout offering and its payment options available to eligible Worldpay merchants.

“It’s becoming increasingly important for merchants to provide pay-over-time payment solutions with consumer demand continuing to grow,” Jim Johnson, head of merchant solutions at Worldpay parent company FIS, said in a May 31 news release. “By integrating Affirm’s products at checkout, our merchants will be best placed to capture new sales opportunities and revenue streams, helping them continue to grow into the future.”

In other news, Amazon Pay teamed up with Citi in April to let Citi credit card members pay over time by using Flex Pay through a digital wallet. With this offering, card members can choose payment plans of three to 48 months.