Affirm says JPMorgan Chase merchants can now offer installment loans
Fintech Lender Affirm Partners with JPMorgan Chase to Offer Buy Now, Pay Later Services
Fintech lender Affirm has announced a new partnership with JPMorgan Chase to provide buy now, pay later loan services to merchants on the bank’s payments network. This collaboration will allow U.S. merchants using JPMorgan for payment processing to integrate Affirm’s services into their checkout pages.
Consumers will have access to flexible loan options ranging from 30 days to 60 months, giving them more control over their payment schedules. This partnership comes on the heels of a similar agreement between JPMorgan and Klarna, another buy now, pay later provider, showcasing the growing demand for alternative payment solutions in the market.
Affirm and Klarna are both vying for market share in the buy now, pay later space, with Affirm focusing on sustainable growth and profitability as a publicly traded company, while Klarna recently filed for an IPO in the U.S. The competition between these two fintech giants is expected to drive innovation and enhance customer experiences in the retail sector.
Michael Lozanoff, global head of merchant services at J.P. Morgan Payments, emphasized the importance of offering diverse payment options and seamless transactions to meet the evolving needs of merchants and consumers. By adding Affirm to its Commerce Platform, JPMorgan aims to empower businesses to deliver exceptional services and enhance the overall retail experience for customers.
Affirm highlighted that this partnership with JPMorgan is an extension of their existing banking and processing relationships, solidifying their position in the market. JPMorgan Chase, as the largest U.S. bank by assets, brings a vast network of merchants and customers that Affirm can now tap into, further expanding its reach and impact in the fintech industry.
