Affirm, a payment network that empowers consumers and helps merchants drive growth, and Shopify, a provider of internet infrastructure for commerce, have announced an expanded multi-year global agreement.
This partnership solidifies Affirm as the exclusive pay-over-time provider for Shop Pay Installments in the U.S. and extends this exclusivity into Canada, with plans to expand into the U.K. and other international markets, according to FF News.
The renewed partnership aims to enhance Shopify’s payment offerings globally, enabling merchants to provide more flexible payment options to their customers.
Given the success of the partnership in the U.S., Shopify is now extending the service to its home market of Canada and plans to introduce it to the U.K. in the near future.
Affirm provides a buy now, pay later (BNPL) solution that allows consumers to make purchases with flexible payment plans. The company’s platform offers biweekly and monthly payment options with no late or hidden fees, ensuring transparency for users.
Shopify, a leading commerce platform, offers essential internet infrastructure for businesses worldwide, enabling merchants to build, scale, and manage their online stores. The company has integrated various financial tools, including Shop Pay Installments, to enhance the shopping experience for both merchants and consumers.
Over the coming months, eligible Shopify merchants in Canada will be able to offer Shop Pay Installments powered by Affirm at checkout.
Customers will have access to personalised biweekly and monthly payment plans with term lengths of up to 24 months and interest rates as low as 0% APR. The agreement also sets the stage for expansion into additional international markets, with the U.K. as the next target.
Since its launch in 2021, Shop Pay Installments has been widely adopted across Shopify’s merchant network in the U.S., with millions of consumers utilising the payment solution. The success of this feature has driven Shopify’s decision to expand its availability globally, responding to merchant demand for increased payment flexibility.
Shopify COO Kaz Nejatian said, “Given the success of our long-standing partnership with Affirm in the U.S., bringing them to our merchants internationally is a no brainer. Affirm’s premier technology, world-class team, and commitment to transparency make them a natural fit to continue supporting merchants in the Shopify ecosystem, and we look forward to bringing this same value to our merchants in Canada, the U.K., and beyond.”
Affirm founder and CEO Max Levchin said, “Five years ago, Shopify and Affirm teamed up to create a bespoke payment solution that helps all kinds of businesses thrive by giving their customers more choice and flexibility. Since then, millions of consumers in the U.S. have relied on the value Shop Pay Installments offers, and we’ve heard from merchants all over the world who are clamouring for the growth potential it provides. We’re excited to deliver on that promise and continue our international expansion.”
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