Amazon.Com Inc announced Friday that he will cooperate with Affirm, a US e-commerce installment service provider, to provide users with the option of paying by installments for the first time.
Affirm's "buy and pay" option will be available to some Amazon.Com Inc customers in the United States from Friday and will be promoted more widely in the coming months, the two companies said in a statement. The partnership will allow Amazon.Com Inc customers to pay $50 or more in installments.
Affirm shares soared more than 40 per cent in after-hours trading on Friday on the news. Amazon.Com Inc's share price has not changed significantly.
Affirm is one of the famous installment service providers. The company works with more than 12000 merchants, including Peloton and Walmart Inc.
PayPal Holdings Inc, American Express Co, Citi and JPMorgan Chase & Co all offer similar buy-and-pay products. According to previous reports, Apple Inc also plans to launch an installment service in cooperation with Goldman Sachs Group.
Affirm said that some Amazon.Com Inc customers will bear interest when paying by installments and some customers will be interest-free.
Edit / richardli