Amazon Plans To Offer Buy-Now-Pay-Later Option

Amazon has announced that it has partnered with Affirm, a major player in the Buy-Now-Pay-Later (BNPL) space to offer customers at checkout the option of buy-now-pay-later.

Customers at checkout will see the option to pay in a series of monthly installments on purchases of $50 or more. In a statement, the companies said they have already begun testing the feature with "select customers." It's unclear how many people might see this option early, or in what markets.

That press release was otherwise light on details. It is unclear when this feature will roll out more widely. And, as CNBC notes, the companies haven't said whether the payments will carry interest. The statement promises: "As always when choosing Affirm, consumers will not be charged any late or hidden fees."

Many other brands and retailers already offer buy-now-pay-later options, with CNBC noting that Affirm already serves more than 12,000 retailers, including Walmart. Just recently, too, Square paid $29 billion to acquire Afterpay, another giant in this growing space. Perhaps the move by Amazon is long overdue.