PayPal co-founders Max Levchin and Affirm
David Paul Morris | Bloomberg | Getty Images
Fintech lender positive On Tuesday, it said it had reached an agreement with jpmorgan chain To offer your purchase now, pay later loan services to merchants on the bank’s payment network.
US merchants who use JPMorgan to process payments can immediately add affirmations to their checkout pages, according to the release. According to AFFIRM, consumers can access loans ranging from 30 days to 60 months.
The deal follows a similar announcement from rival Klarna last month, saying Swedish Fintech is available to JPMorgan merchants. The assertion and Klarna are increasingly head-to-head as you buy now. Affirm is being traded publicly and is trying to steadily grow its profits, but Klarna recently filed for a US IPO.
“The demand for a variety of payment options, flexibility and seamless trading from both customers is the highest ever,” said Michael Rozanov, global head of JP Morgan Payments.
“By incorporating assertions into the commercial platform as a payment method, we are enabling them to provide the services they need and the experiences they will increasingly expect as part of their retail journey,” he said.
AFFIRM said the transaction is an expansion of existing banking and processing ties with JPMorgan, the largest US bank by assets. It was not immediately clear when merchants would be able to access the new options.
Fix: This story was updated to fix that JPMorgan merchants can immediately affirm an installment loan upon checkout. Previous versions misstate the timing of its offering.
