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.
Oura Ring CEO Tom Hale joins Cheddar to take us inside the comprehensive health tracking device, explains how it works and how it can save your life. Watch!
NASCAR star Bubba Wallace joins Steve Quirk, Chief Brokerage Officer at Robinhood, on the floor of the NYSE to discuss their latest partnership. Watch!
Adam Bierman, author of 'Weed Empire,' talks about the cannabis business in America and how he battled the Department of Justice and investment banks. Watch!
Hoyt McGarity, CEO & President of 8AM Golf, joins Cheddar to discuss TGL and how the technology is changing the game of golf right before our eyes. Watch!
