Affirm and Amazon are testing out a new system that allows customers on the e-commerce giant’s platform to split payments up over months. This acts as an alternative to credit cards that still lets customers stretch out payments for larger purchases.
According to a press release, certain customers are already testing out this system before a possible launch to the rest of the platform. The system lets them split payments on purchases of $50 or more in even monthly payments.
Affirm also points out that its system doesn’t include any late fees or hidden fees that customers have to pay. Instead, they will only have to pay for what is agreed upon at the time of purchase.
Eric Morse, senior vice president of sales at Affirm, said the following about the news boosting AFRM stock up today.
“By partnering with Amazon we’re bringing the transparency, predictability and affordability that Affirm provides today to the millions of people who shop on Amazon.com in the U.S. Offering Affirm’s alternative to credit cards also delivers more of the payment choice and flexibility consumers on Amazon want.”
AFRM stock is experiencing heavier-than-normal trading on today’s news. As of this writing, more than 23 million shares of the stock have changed hands. That’s a massive jump from the company’s daily average trading volume of about 2.9 million shares.
AFRM stock was up 42.9% as of Monday morning.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.