With the buy now, pay later (BNPL) movement on the rise, Affirm will be working with Shopify so its U.S. merchants can offer a BNPL payment option to their customers… Affirm’s program essentially provides buyers of a wide range of products with a short-term loan that can be repaid through regular installments.
… the Shopify BNPL product, which is entering a testing phase, will be called Shop Pay Installments. Shopify offers a subscription software service that provides an eCommerce platform for online stores and retail point-of-sale (POS) systems.
[Max Levchin:] “With the acceleration of online spending, many small businesses must reinvent themselves. This includes embracing the rising importance of eCommerce strategies and meeting consumers, particularly young shoppers, where they are” … Shopify has “the gold standard of eCommerce platforms for businesses that want to sell direct-to-consumer.”
This alternative method of paying for purchases “on credit” got a boost with the news that Visa Installments, a new POS credit product, is being tested in pilot markets across the U.S.