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E-commerce platform Shopify and alternative finance provider Affirm have signed an exclusive deal to bring the latter’s buy-now-pay-later proposition to Shopify merchants, the companies said Wednesday.
Affirm will power the upcoming Shop Pay Installments feature — which, as the name suggests, will allow shoppers of eligible Shopify stores to pay for purchases over time, instead of all at once. The move represents a shift in technology, as Shop Pay currently uses buy-now-pay-later plug-ins, which require some coding to integrate.
“With the acceleration of online spending, many small businesses must reinvent themselves. This includes embracing the rising importance of e-commerce strategies and meeting consumers, particularly young shoppers, where they are,” said Max Levchin, founder and chief executive officer of Affirm.
“By partnering with Shopify, the gold standard of commerce platforms for businesses that want to sell direct to consumers, we can help merchants seamlessly