Affirm (NASDAQ: AFRM) has announced a new partnership with online travel platform Booking.com to offer flexible payment options for travel bookings. The collaboration will allow Affirm to be available at checkout across Booking Holdings Inc.’s travel brands, including KAYAK, Agoda, and Priceline. Booking Holdings claims to be a leading global provider of online travel and related services.
Booking.com customers will now have the option to select a personalized payment plan with Affirm, allowing them to pay for their travel bookings over time in monthly or bi-weekly installments. This will give travelers the flexibility to manage their budget while booking their trips, with the assurance that they will never pay more than the agreed amount at checkout.
Wayne Pommen, Affirm’s Chief Revenue Officer, highlighted the increasing consumer demand for flexible payment options in the travel industry. Affirm’s travel and ticketing purchase volume grew nearly 50% year-over-year in the last quarter, indicating the rising popularity of alternative payment methods. Pommen also emphasized Affirm’s responsible lending practices, as the company only approves purchases that they believe will be repaid.
Offering Affirm at checkout can have multiple benefits for merchants, including increased sales, higher average order values, improved conversion rates, and access to new customer segments. Booking.com joins Affirm’s extensive network of over 254,000 merchants, which includes major brands such as American Airlines, Cathay Pacific, CheapOair, and Vacasa.
Affirm’s mission is to provide honest financial products that improve lives. They aim to build a payment network based on trust, transparency, and customer-centricity, empowering consumers to spend and save responsibly, while supporting business growth. Unlike credit cards and other pay-over-time options, Affirm ensures upfront transparency by showing customers the exact amount they will pay, without any hidden or late fees.
Affirm’s payment options are subject to eligibility and are provided through its lending partners. Residents of California can avail loans through Affirm Loan Services, LLC, in compliance with the state’s finance laws.
Overall, the partnership between Affirm and Booking.com will benefit both consumers and merchants, enabling more accessible and flexible payment options in the online travel industry.
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