Through the venture, Stripe merchants will be able to use Affirm’s adaptive checkout service, which allows customers to split purchases of up to USD 30,000 into instalments, with a maximum credit limit of USD 17,500.
BNPL firms like Affirm earn from charging merchants a fee to offer their customers small, point-of-sale loans which are paid back in interest-free instalments over a period of time, bypassing credit checks.
Affirm is a publicly traded financial technology company headquartered in the US. Founded in 2012, the company operates as a financial lender of instalment loans for consumers to use at the point of sale to finance a purchase.
Stripe is a financial infrastructure platform for businesses. Companies use Stripe to accept payments, grow their revenue, and accelerate new business opportunities. The company aims to increase the GDP of the internet.
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