Amazon rolling out buy-now-pay-later option for selected users

 Amazon is currently testing the feature in the United States with a selected bunch of users and may expand to other countries. soon

HIGHLIGHTS

• Amazon has started rolling out a buy-now-pay-later option at checkout for some users.
• rs. The new feature as the name suggests would allow the customers split the total cost of purchases of $50 or more into simple monthly payments.
• Amazon has partnered with payment network Affirm to offer flexible payment options to users.

Amazon has started rolling out a buy-now-pay-later option at checkout for some users. The new feature as the name suggests would allow the customers split the total cost of purchases of $50 or more into simple monthly payments. Amazon has partnered with payment network Affirm to offer flexible payment options to users. Amazon is currently testing the feature in the United States with a selected bunch of users. The company may expand it to other countries as well.

Affirm said in a press statement that approved customers will be shown the total cost of their purchase upfront and will never pay more than what they agree to at the checkout. If customers pick Affirm, they will not be charged any late or hidden fees.

“By partnering with Amazon we’re bringing the transparency, predictability and affordability that Affirm provides today to the millions of people who shop on Amazon.com in the U.S,” said Eric Morse, Senior Vice President of Sales at Affirm. “Offering Affirm’s alternative to credit cards also delivers more of the payment choice and flexibility consumers on Amazon want.” The payment company told CNBC that some Amazon purchases it finances will come with interest.

Amazon has not revealed how many people will see the feature or how will it appear on the app. The e-commerce platform has also not revealed when the feature would be available to a wider audience.

Affirm is a US-based startup that allows split up purchases into smaller instalments. The option is widely used by younger consumers primarily. It is because most do not have access to credit cards, so they rely on networks like these to buy products that are expensive. Some of Affirm’s partners include popular brands like Adidas, Shopify and Walmart.

Currently, Amazon users in India can avail of no-cost EMIs or pay using their credit card, if they do not want to pay the entire money at once.