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Amazon announced a partnership with buy-now, pay-later company Affirm to let customers make payments via monthly installments.

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Amazon announced a partnership with buy-now, pay-later (BNPL) company Affirm to let customers make payments via monthly installments. 


The option will be available on purchases of at least $50, and Affirm said there would be no late or hidden fees. 

The partnership will allow customers to break up purchases of $50 or more into smaller installments.

 It also marks Amazon’s first partnership with an installment player, though the company does offer installment options on some items already.

 Affirm said it would charge interest on certain unspecified products but didn't reveal how high the rates would be. 

 Amazon said it was testing the service with a limited number of U.S. customers and will make it widely available over the next few months. 

This is Amazon's first U.S. partnership with a BNPL firm; it has offered the service in Australia via Zip since 2019.

 Affirm was the third-most downloaded BNPL app worldwide in Q1, trailing Klarna and Afterpay, according to Sensor Tower.

 Affirm raised $1.2B during its January IPO. In May, Affirm said its Q3 revenue grew by 67% YoY to $231M and its active userbase rose by 60% to 5.4 million.

 It has 12,000 clients, but one, Peloton, made up 20% of its Q3 revenue. Millennials and Gen Z will account for 73.2% of the 45 million Americans that will use BNPL services this year, down from 80% in 2018. Earlier this month, Square announced it would acquire Afterpay for $29B.

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