Affirm is building a new kind of payment network based on trust, transparency, and putting people first.
“Unlike most credit cards and other pay-over-time options, we show consumers exactly what they will pay up front, never increase that amount, and never charge any late or hidden fees,” explains the Silicon Valley fintech firm, which in 2020 acquired Toronto’s PayBright, a Canadian player in the growing “buy now, pay later” payment industry.
“We are excited to combine with PayBright, creating the opportunity to expand our footprint across North America and scale our platform,” Max Levchin, founder of Affirm, stated then. “PayBright shares Affirm’s goal of improving the payments experience for consumers and merchants alike, and PayBright’s base of merchants complements our own customer network.”
Affirm is now working with Amazon in Canada to bring its flexible payment solution to customers across the country.
Customers who select Affirm as a payment option during checkout on Amazon.ca will go through a quick, free soft credit check that won’t impact their credit score. Affirm’s technology will determine available payment options for each customer. Eligible customers will be able to split their purchases of $50 or more into simple monthly payments.
“From the start, eligible customers will know how many monthly payments they have and when they’ll be done paying,” the company explains. “Even if they’re late or miss a payment, a customer’s total payment amount will not increase, and they will not be charged a late or hidden fee.”
“We’re always looking to enhance the paying experience for our customers, including how and when they can pay for their orders,” stated David Williams, Vice President of Amazon Payment Products. “Introducing Affirm in Canada gives our customers another flexible payment option for their purchases.”
Digital payments are expected to approach $200 billion in Canada by 2025 and the BNPL trend is expected to gain penetration across North America through this time.
“Since launching with Amazon in the U.S., we’ve been providing eligible Amazon customers with a powerful tool to responsibly increase their purchasing power,” added Geoff Kott, Affirm’s Chief Revenue Officer.
“We are excited to bring customers shopping on Amazon.ca the opportunity to pay for everyday items and milestone purchases with Affirm as we deliver the same level of transparency and flexibility that customers have come to expect from Affirm across our markets in North America and beyond,” he added.