Adyen, a FinTech whose payments platform is used by merchants and retailers around the world, is teaming up with San Francisco-based installment payment company Affirm in a new partnership, the companies announced on Tuesday (Nov. 17).
Amsterdam-based Adyen said it plans to incorporate Affirm’s buy-now, pay-later (BNPL) installment plan technology into its payments platform.
Adyen’s platform enables retailers and other merchants to accept payments online, in-app, or in the store at the checkout counter.
Under the terms of the new partnership, merchants on the Adyen platform will be able to offer Affirm as payment option at checkout “with a few clicks,” the companies said in a press release. This can be done either online or in-store using a QR code, the companies said.
Customers, in turn, will be then be able to split up their payments over time, either monthly or every other week, the companies said.
Affirm Chief Commercial Officer Silvija Martincevic said in the announcement the firm’s technology is responding to marketplace trends in which consumers are seeking more flexibility in payments.
Merchants that embrace installment payment plans, in turn, can “rapidly accelerate their own sales,” Martincevic said.
“Partnering with Affirm makes sense as the demand for pay-over-time payment solutions has only grown in recent years in the United States, especially gaining traction as more people have been staying home,” said Brian Dammeir, president of North America at Adyen, in the press release. “Our merchants see demand from their consumers for these sorts of payment options and we’re excited to bring Affirm onto Adyen’s platform both online and in-store.”
The deal comes roughly a week after Affirm inked a similar agreement with Inntopia, with the travel industry eCommerce platform teaming up with Affirm to bring BNPL technology to hotels and ski lodges across the country.
In a partnership unveiled on Thursday (Nov. 12), Inntopia said it is integrating Affirm’s installment payment technology into its software booking platform, enabling customers to book travel and then pay off their bill through bi-weekly or monthly installments.