Shopify Inc. (SHOP.T) on Wednesday said it has selected Affirm, a buy-now-pay-later (BNPL) financing service for credit-card users, to exclusively power Shop Pay Installments when it launches later this year. Terms were not disclosed. Affirm, founded by PayPal Holdings Inc. (PYPL) co-founder Max Levchin, has seen a 40% increase in merchant signings from March 1 to April 30, compared to the first two months of the year. Among the 6,000 merchants who use it are Walmart Inc. (WMT) and Peloton Interactive Inc. (PTON). "This is one giant leap to make our service ubiquitous," Levchin told MarketWatch in a phone interview Wednesday. "This has changed the game. The BNPL market is on a tear."
-Jon Swartz; 415-439-6400; AskNewswires@dowjones.com
(END) Dow Jones Newswires
July 22, 2020 10:48 ET (14:48 GMT)
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