Payment network Affirm (NASDAQ: AFRM) is deepening its multi-year agreement with J.P. Morgan Payments. The agreement will make Affirm’s solutions available to J.P. Morgan Payments’ network of merchants, enabling U.S. merchants using Commerce Platform to offer Affirm’s pay-over-time plans at checkout.
Affirm said its active consumer base grew 23% YoY to a record 21 million, and GMV surpassed $10 billion (up 35% YoY) in the quarter ending Dec. 31.
“The demand for diverse payment options, flexibility, and seamless transactions from both merchants and their customers is at an all-time high. 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,” said Michael Lozanoff, global head of merchant services at J.P. Morgan Payments.
By integrating Affirm at checkout, U.S. merchants using J.P. Morgan Payments’ Commerce Platform allow customers to select Affirm as a payment method. Upon doing so, they will go through a quick eligibility check. If approved, they will see a set of customized payment options and can choose the biweekly or monthly plan that works best for them. Affirm offers payment plans for cart sizes from $35 to $30,000 and with term lengths from 30 days to 60 months. Affirm does not charge any late or hidden fees.
Affirm said merchants offering its service at checkout see 70% higher average cart sizes and nearly 30% fewer abandoned carts compared to other pay-over-time providers.
“We are thrilled to deepen our relationship with J.P. Morgan Payments and bring our pay-over-time solutions to this massive network of merchants and their customers,” said Wayne Pommen, chief revenue officer at Affirm. “Integrations like this significantly expand the reach of Affirm, giving more businesses the tools to thrive in today’s retail landscape while delivering maximum flexibility and transparency to more consumers.”
Affirm will also join the J.P. Morgan Payments Partner Network, which brings together J.P. Morgan Payments’ extensive suite of payment solutions and its third-party relationships to help clients build, implement, expand and optimize payment strategies based on their business needs.
J.P. Morgan Payments combines treasury services, trade and working capital, card and merchant services capabilities to help clients pay customers or employees, in different currencies, around the world. It processes nearly $10 trillion in payments daily, operating in more than 160 countries and north of 120 currencies. In 2024, Merchant Services hit $2 trillion in payment processing volumes.