Affirm announced it has strengthened its multi-year partnership with J.P. Morgan Payments, bringing its pay-over-time solutions to U.S. merchants using J.P. Morgan’s Commerce Platform.
Affirm Deepens Multi-Year Agreement with J.P. Morgan Payments
The expanded agreement, announced Tuesday, is expected to enable businesses using J.P. Morgan Payments’ network to integrate Affirm’s flexible financing options at checkout.
The company explained that it will allow consumers to select biweekly or monthly payment plans, with no late or hidden fees.
Affirm’s technology supports transactions ranging from $35 to $30,000 with repayment terms between 30 days and 60 months.
Michael Lozanoff, Global Head of Merchant Services at J.P. Morgan Payments, highlighted the growing demand for flexible payment solutions, stating: “By incorporating Affirm as a payment method into our Commerce Platform, we are empowering businesses to deliver the services they need and the experiences that customers increasingly expect.”
Affirm’s expansion comes amid rising consumer adoption of its services. In the quarter ending December 31, 2024, Affirm reported a 23% YoY increase in active consumers to 21 million and a 35% YoY rise in Gross Merchandise Volume (GMV) to over $10 billion.
The firm claims that merchants who offer Affirm at checkout typically experience a 70% increase in average cart sizes and nearly 30% fewer abandoned carts compared to other pay-over-time providers.
Wayne Pommen, Chief Revenue Officer at Affirm, stated: “Integrations like this significantly expand the reach of Affirm, giving more businesses the tools to thrive in today’s retail landscape while delivering maximum flexibility and transparency to more consumers.”
Affirm will also join the J.P. Morgan Payments Partner Network, further solidifying its role in the payments ecosystem.
