Buy now, pay later at Amazon is here!
Finally, Amazon has entered the world of paying later. Now you can buy things at Amazon and pay later! This has been possible after Amazon has entered a partnership with Affirm. Affirm would allow Amazon to give its customer the option of “buy now, pay later”.
How will this work?
This delayed payment is however only liable on those who make a purchase of $50 or more. At the checkout, these customers would have an option to give smaller monthly installments over a specific time period.
Affirm disclosed that the customers would not have to pay any extra charges. The total purchase cost would be visible and the customers would pay only the amount they have agreed upon on the monthly basis.
Affirm made it clear that some customers might have to pay certain interest, yet others would not be subjected to such. They shall not bear any hidden costs, APR or charges.
In a statement by Eric Morse, who is the current Senior Vice President of Sales at Affirm, with a partnership with Amazon, Affirm is providing transparency and affordability.
Why is such a payment mode important?
Such a mode of payment where you buy now and pay later is common among the youth. The younger generation is looking forward for flexible options of payments. They wish to pay is installments than paying in full or advance.
Such purchasing modes have allowed the e-commerce companies to join hands with companies like Affirm, Klarna, and Afterpay. Affirm and other companies allow for pay-later mode of shopping. The PayPal and Apple Pay are in lead to introduce such payment modes.
Is Amazon all set to become an e-commerce strongest giant?
With Affirm joining hands with Amazon, not only Amazon would be able to hit wider consumer range. Likewise, Affirm has already seen a boast of 40% is market share with a $80 million increase to its market cap.
Amazon, by adding this flexible feature is setting itself to become the strongest e-commerce giant. It has already emerged as the most successful business during the pandemic by suppressing the sales of Walmart. Such a flexibility in post-pandemic would help it get its customers hitched.