Amazon breaks into the field of installment sales… this is what small payments will be like

Amazon is entering the buying arena now and pays in followed, as the e-commerce giant is partnering with Affirm to bring the first installment payment option to the popular e-commerce site.

The two companies said in a note that the option to buy now and pay is available in following For some Amazon customers in the US, with a larger launch in the coming months.

The partnership allows Amazon customers to split purchases of $ 50 or more in rate smaller monthly. Consumers will not be charged in delayed or hidden.

The partnership is the latest sign of a burgeoning lending space as young consumers turn to these alternative lines of credit.

In early August, Square entered space with a $ 29 billion deal to buy Australian financial technology Afterpay.

Installment loans have been around for decades, and have historically been used for large purchases such as furniture.

Paying players online and fintech companies are in competition to launch their own version of subsequent payment products for items online.

Affirm is one of the best known installment payment options. Works with over 12,000 merchants, including Walmart.

PayPal, MasterCard, American Express, Citibank, Klarna, Fiserv, and JP Morgan Chase offer similar loan products.

And Bloomberg reported last month that Apple plans to launch installment loans in collaboration with Goldman Sachs.

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