Affirm (NASDAQ: AFRM), the payment network that empowers consumers and helps merchants drive growth, announced their flexible and transparent payment options will be “offered to consumers and merchants that use Google Pay for online checkout in the U.S.”
Beginning in Q1 2024, Affirm will be “available as a payment option for Android users on select merchant apps and websites that offer Google Pay at checkout.”
Drew Olson, Senior Director, Google Pay, said:
“People are shopping on Google more than a billion times per day, and consumers are increasingly looking for more choice and flexibility when it comes to payment options. By teaming up with pay over time providers like Affirm, we are able to give Google Pay users more payment options when checking out, while providing merchants with another tool to drive their growth.”
Offering Affirm at checkout can drive overall sales – merchants using Affirm have “reported 60% higher average order values when compared to other payment methods.”
It can also increase customer loyalty, “as approximately 90% of Affirm purchases are from repeat Affirm users.”
Jamie Cunningham, Director of Strategic Partnerships at Affirm, said:
“By integrating Affirm into Google Pay, we are making it easier for consumers to take advantage of Affirm’s flexible and transparent payment options and for merchants to drive growth. This is an exciting step forward in our distribution strategy, as roughly half of shoppers are using digital wallets more frequently than they did before the pandemic and mobile commerce is growing faster than overall e-commerce.”
Google Pay joins Amazon Pay and Shop Pay “as major digital wallets that are integrated with Affirm’s transparent and flexible payment options.”
As noted in the update, Affirm’s mission is to “deliver honest financial products that improve lives.”
By building a new kind of payment network – one based on trust, transparency and putting people first – they aim to “empower millions of consumers to spend and save responsibly, and give thousands of businesses the tools to fuel growth.”
Unlike most credit cards and other pay-over-time options, they claim to show consumers “exactly what they will pay up front, never increase that amount, and never charge any late or hidden fees.”
Payment options through Affirm are “subject to eligibility and are provided by these lending partners: affirm.com/lenders. CA residents: Loans by Affirm Loan Services, LLC are made or arranged pursuant to a California Finance Lender license.”