BNPL stock Affirm (AFRM) rises 15% on Amazon Pay partnership

June 7, 2023 9:15 AM EDT

Affirm Holdings (NASDAQ: AFRM) shares traded almost 15% higher in pre-open Wednesday after the company announced a partnership with Amazon (NASDAQ: AMZN).

Two companies said that eligible U.S. merchants offering Amazon Pay can now seamlessly add Affirm’s Adaptive Checkout as a payment option at checkout.

“We know customers want convenient and flexible payment options—whether they’re checking out on or using Amazon Pay,” said Omar Soudodi, director of Amazon Pay.

“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.”

Some merchants, including Casper, USA Berkey Filters, and UltraSabers, already use Affirm’s Adaptive Checkout solution within the Amazon Pay app, the press release adds. Accordingly, merchants using Affirm have reported 60% higher average order values when compared to other payment methods.

“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.

By Senad Karaahmetovic

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