This Sept. 6, 2012, file photo shows the Amazon logo in Santa Monica, Calif. Amazon is teaming with payments company Affirm to offer online shoppers a buy-now-pay-later option that does not involve credit cards. San Francisco-based Affirm Holdings Inc. announced Friday, Aug. 27, 2021 that its flexible payment service will soon be available on Amazon.com. (AP Photo/Reed Saxon, File)
Amazon is teaming with payments company Affirm to offer online shoppers a buy-now-pay-later option that does not involve credit cards.
San Francisco-based Affirm Holdings Inc. announced Friday that its flexible payment service will soon be available on Amazon.com.
The news sent Affirm's stock up more than 35% in after-hours trading.
With the service, Amazon customers can split the total cost of purchases of $50 or more into monthly payments, and are told the total cost of the transaction up front. Affirm said there are no late fees.
Affirm said the two companies are testing the service with a group of customers and that it will be more broadly available in coming months.
Installment plans are popular with retailers because they encourage customers to spend more money. And they enable customers with insufficient funds or credit at the time of purchase to walk out of a store — or check out online — with the item they want.
Mark Hamrick of Bankrate discusses the jobs market, AI's growing impact on employment, and how markets are reacting to today’s surprising payroll data.
Amanda Chu of POLITICO reveals how lawmakers are betting millions on pharma stocks even as Trump threatens tariffs and demands steep drug price cuts. Watch!
Hayley Berg, Hopper’s lead economist, previews soaring summer 2025 travel: record international flights, cheaper fares for Europe & Asia, plus booking hacks.
NerdWallet Senior Economist Liz Renter shares what she's tracking in economic data, with a focus on U.S. household debt and rising credit card balances. Watch!
At some 940-pages, the legislation is a sprawling collection of tax breaks, spending cuts and other Republican priorities, including new money for national defense and deportations.
