Connect with us

Hi, what are you looking for?

Major Financial PartnerMajor Financial Partner

Business

Affirm announces JPMorgan Chase merchants can now offer installment loans at checkout

Fintech lender Affirm said Tuesday that it’s reached an agreement with JPMorgan Chase to offer its buy now, pay later loan services to merchants on the bank’s payments network.

U.S. merchants who use JPMorgan to handle payments can soon add Affirm to their checkout pages, according to a release. Consumers will have access to loans ranging from 30 days to 60 months, according to Affirm.

The deal follows a similar announcement from rival Klarna last month, in which the Swedish fintech said it would be available to JPMorgan’s merchants. Affirm and Klarna are increasingly going head-to-head as the buy now, pay later field matures in the U.S.; Affirm is publicly traded and seeking to steadily grow profits, while Klarna recently filed for a U.S. IPO.

“The demand for diverse payment options, flexibility, and seamless transactions from both merchants and their customers is at an all-time high,” Michael Lozanoff, global head of merchant services at J.P. Morgan Payments, said in the release.

“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,” he said.

Affirm said the deal was an expansion of existing banking and processing relationships with JPMorgan, the largest U.S. bank by assets. It wasn’t immediately clear when the new option would be available to merchants.

This post appeared first on NBC NEWS

You May Also Like

Editor's Pick

In this exclusive StockCharts video, Joe Rabil shows you how to use the ADX on monthly and weekly charts to find stocks with massive...

Business

Robinhood CEO Vlad Tenev is betting that by rolling out a large enough portfolio of digital investment products, more consumers will be willing to pay...

Business

Retailers and brands have turned to Vietnam to manufacture goods from sneakers to couches while moving some or all production out of China. For...

Business

WASHINGTON — Boeing CEO Kelly Ortberg told senators on Wednesday that he’s happy with the company’s progress improving manufacturing and safety practices following several accidents, including a near catastrophe last...