Business
Affirm inks deal with J.P. Morgan Payments to deliver more flexible, transparent payments to merchants
Agreement brings Affirm’s payment solutions to U.S. merchants using J.P. Morgan Payments Commerce Platform SAN FRANCISCO--(BUSINESS WIRE)-- Affirm (NASDAQ:
About this update from Affirm Holdings, Inc.
[{"type":"text","content":"\nAgreement brings Affirm’s payment solutions to U.S. merchants using J.P. Morgan Payments Commerce Platform\n\n SAN FRANCISCO--(BUSINESS WIRE)--\nAffirm (NASDAQ: AFRM), the payment network that empowers consumers and helps merchants drive growth, announced today that it is deepening its multi-year agreement with J.P. Morgan Payments. The agreement will make Affirm’s solutions available to J.P. Morgan Payments’ network of merchants, enabling U.S. merchants using Commerce Platform to offer Affirm’s flexible and transparent pay-over-time plans at checkout.\n\nThis collaboration comes at a time when consumer adoption of Affirm is rapidly increasing. More consumers than ever are ‘Affirming’ the purchases they want and need, with active consumers growing 23% YoY to a record 21 million and GMV surpassing $10B (up 35% YoY) in the quarter ending December 31, 2024.\n\n\"The demand for diverse payment options, flexibility, and seamless transactions from both merchants and their customers is at an all-time high. 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,\" said Michael Lozanoff, Global Head of Merchant Services at J.P. Morgan Payments.\n\nBy integrating Affirm at checkout, U.S. merchants using J.P. Morgan Payments’ Commerce Platform will give their customers the option to select Affirm as a payment method when making a purchase. Upon doing so, they will go through a quick eligibility check. If approved, they will see a set of customized payment options and can choose the biweekly or monthly plan that works best for them. Because of Affirm’s proprietary technology and real-time underwriting, the company can serve a wide swath of consumers and their transactions, offering payment plans for cart sizes from $35 to $30,000 and with term lengths from 30 days to 60 months. As always, Affirm does not charge any late or hidden fees, ever.\n\nThe value Affirm delivers to consumers doubles as a revenue accelerant for businesses. Merchants who offer Affirm at checkout see 70% higher average cart sizes and nearly 30% fewer abandoned carts compared to other pay-over-time providers (source).\n\n“We are thrilled to deepen our relationship with J.P. Morgan Payments and bring our ...