Affirm has signed multi-year agreement with J.P. Morgan Payments to provide US merchants with additional payment options at checkout.
The partnership will integrate Affirm’s pay-over-time solutions into J.P. Morgan Payments’ commerce platform, allowing merchants to offer payment plans to their customers.
Go deeper with GlobalData
Commerce platform users can now select Affirm as a payment method and undergo a eligibility check.
If approved, they will be presented with a range of payment options, including biweekly or monthly plans.
Affirm’s technology supports consumer transactions, offering payment plans for amounts ranging from $35 to $30,000 and with durations from 30 days to 60 months.
Furthermore, Affirm will become a part of the J.P. Morgan Payments Partner Network, which leverages a suite of payment solutions and third-party relationships to assist clients in their payments strategies.
J.P. Morgan Payments integrates treasury services, card and merchant services capabilities, processing close to $10tn daily across more than 160 countries in over 120 currencies.
J.P. Morgan Payments merchant services global head Michael Lozanoff said: “By incorporating Affirm as a payment method into our Commerce Platform, we are empowering businesses to deliver the services they need and the experiences that customers increasingly expect as part of their retail journey.”
Affirm chief revenue officer Wayne Pommen stated: “We are thrilled to deepen our relationship with J.P. Morgan Payments and bring our pay-over-time solutions to this massive network of merchants and their customers.
“Integrations like this significantly expand the reach of Affirm, giving more businesses the tools to thrive in today’s retail landscape while delivering maximum flexibility and transparency to more consumers.”
Affirm reported an increase in active consumers, with a 23% year-on-year growth to 21 million, and a gross merchandise volume (GMV) that has exceeded $10bn, marking a 35% increase from the previous year.
Recently, Adyen expanded its alliance with Affirm to the UK, enabling merchants to offer a range of pay-over-time plans to their customers.
