JPMorgan Chase has expanded its payment options by adding Affirm's buy now, pay later (BNPL) services to its merchant network.
This new agreement allows US businesses that use JPMorgan's payment platform to offer Affirm's installment loans at checkout, providing consumers with greater flexibility when making purchases.
According to Billboard, the partnership enables shoppers to choose payment plans ranging from 30 days to 60 months, covering purchases from $35 to $30,000.
This move follows a similar agreement JPMorgan made with Klarna last month, as BNPL options continue to grow in popularity.
"The demand for diverse payment options, flexibility, and seamless transactions from both merchants and their customers is at an all-time high," said Michael Lozanoff, global head of merchant services at JP Morgan Payments.
"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."
J.P. Morgan Payments Expands Its Reach Via Deals With Walmart And Affirm - Digital Transactions
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JPMorgan Strengthens BNPL Offerings with New Affirm Partnership
Affirm, a publicly traded fintech company, has been competing with Klarna in the BNPL space as the industry matures in the US Klarna recently filed for a US IPO and has been expanding its reach, including securing a partnership with OnePay, a Walmart-backed fintech firm, CNBC said.
Affirm's new agreement with JPMorgan strengthens its presence in the BNPL market as it seeks to increase profitability and adoption among merchants.
The rising popularity of BNPL services is driven by changing consumer habits, particularly after the e-commerce boom during the pandemic.
Many shoppers are looking for alternatives to traditional credit cards, making installment payment options increasingly attractive.
JPMorgan's partnerships with Affirm and Klarna reflect the bank's commitment to staying ahead in the evolving payments landscape.
Affirm's latest deal also expands its existing relationship with JPMorgan, which includes banking and processing services. However, specific details regarding the rollout timeline for merchants have not yet been announced.
With both Affirm and Klarna now integrated into JPMorgan's payments network, US retailers have more flexibility in offering BNPL solutions.
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