Amazon is getting into buy-now-pay-later. The company just announced a partnership with Affirm, a major player in the BNPL space. Starting soon, customers at checkout will see the option to pay in a series of monthly installments. In a statement, the companies said they have already begun testing the feature with “select customers.” It’s unclear how many people might see this option early, or in what markets.
That press release was otherwise light on details. It is unclear when this feature will roll out more widely. And, as CNBC notes, the the companies haven’t said whether the payments will carry interest, or what the rate might be.
The move makes sense for Amazon, and is arguably a belated one. Many other brands and retailers already offer buy-now-pay-later options, with CNBC noting that Affirm already serves more than 12,000 retailers, including Walmart. Just recently, too, Square paid $29 billion to acquire Afterpay, another giant in this growing space.
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