Fintech lender Affirm has announced a partnership with JPMorgan Chase to integrate its buy now, pay later loan services into the bank’s payment network. This allows U.S. merchants using JPMorgan for payments to add Affirm’s checkout options, providing consumers with loan terms ranging from 30 days to 60 months. The collaboration follows a similar move by Klarna, another competitor in the buy now, pay later space. According to Michael Lozanoff, global head of merchant services at J.P. Morgan Payments, the demand for flexible payment solutions is at an all-time high. Affirm stated that this agreement builds on its existing banking and processing relationships with JPMorgan, though the exact timeline for merchant availability remains unclear.
— news from CNBC
