Amazon to offer buy now, pay later service to US consumers

With the rapid development of e-commerce and online credit services, the shopping concepts of young consumers are also changing. Consumption patterns such as "pre-consumption" and "buy now, pay later" are quietly becoming popular among young people. According to a report released earlier by the British research institution Money Mail, the consumption pattern of buy now, pay later can encourage consumers to spend more money on buying things.

Recently, Amazon has reached an agreement with Affirm, a provider of installment payments . Starting from last Friday, some Amazon consumers in the United States can use the "buy now, pay later" payment method .

Affirm said that consumers on Amazon can use the service to buy items of $50 or more , including furniture, electronics and fashion , and pay for them in monthly installments. However, certain orders , including those from Whole Foods Market, Amazon Fresh and some digital purchases ( such as movies and books), will not be eligible for installment payments.

Currently , the service is being tested with select customers and will be more widely available to consumers in the coming months . According to Affirm, consumers will bear some interest when choosing to use the buy now, pay later service, but some annual interest rates are 0%. Consumers can see the total purchase price of the goods in advance when shopping , and Affirm will not charge them additional late fees or hidden fees.

An Amazon spokesperson said : "Amazon has been looking for more flexible payment options , and this partnership with Affirm is a great way to achieve this. By providing a transparent delayed payment solution , consumers can choose the payment method that suits them best when shopping . "

As buy now, pay later services become more and more popular options for consumers, Amazon is also expanding its own buy now, pay later services. Affirm is the first buy now, pay later provider Amazon has partnered with in the United States . Amazon has already partnered with Zip in Australia to provide consumers with buy now, pay later services .

Amazon already offers its own monthly payment plan options for select consumers who buy certain products . It also offers installment payments for customers with the Amazon.com Store Card, Amazon Rewards Visa Card and eligible Citi credit card members .

Previous data from Affirm and its competitors show that after retailers enable buy now, pay later services, sales usually see a small increase. Amazon's new payment method, which is about to be launched in the United States, may also be profitable for sellers.

Amazon US

Affirm; Payment Methods