Affirm Holdings, Inc (NASDAQ: AFRM) stock is shooting higher after Amazon.Com, Inc's (NASDAQ: AMZN) Amazon Pay allowed merchants to offer Affirm's pay-over-time options to their customers at checkout.
Now eligible U.S. merchants offering Amazon Pay can seamlessly add Affirm's Adaptive Checkout as a payment option at checkout.
The move brings Affirm's pay-over-time technology, used by millions of customers on Amazon.com and the Amazon mobile app, to Amazon Pay's simple and secure payment solution.
Omar Soudodi, director of Amazon Pay, said, "With Affirm on Amazon Pay, merchants can offer a pay-over-time option to their existing customers and have another way to reach new customers."
Offering Affirm at checkout can drive overall sales — merchants using Affirm have reported 60% higher average order values versus other payment methods. It can also increase customer loyalty, as approximately 88% of Affirm purchases are from repeat users.
"Digital wallets are an increasingly critical part of the shopping experience and are expected to account for over half of e-commerce transactions worldwide by 2025," said Libor Michalek, President of Affirm. "In addition, customers want more choice and flexibility when paying online."
Affirm's Adaptive Checkout offers bi-weekly and monthly pay-over-time options side-by-side at checkout.
Price Action: AFRM shares traded higher by 20.50% at $19.07 on the last check Wednesday.
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This article Affirm Stock Is Shooting Higher Wednesday: Here's Why originally appeared on Benzinga.com
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