Prime Visa and Amazon Visa cardmembers can now make equal monthly payments for items they purchase on tens of thousands of participating online retail sites when they use Amazon Pay. Consumers will be able to split payments across six or 12 months at 0% APR on purchases of $50 or more.
Eligible Prime Visa and Amazon Visa cardmembers will now be able to check out and pay over time, the same way they do with buy now, pay later (BNPL) services, in only a few steps using the Amazon Pay button. Merchants that want to offer these benefits can do so with no additional fee or integration required.
Millions of Prime Visa and Amazon Visa cardmembers already use this payment option via the Amazon ecommerce site and app. Now, Authentic Watches, Lenovo, Tennis Express and other brands will be able to offer similar flexibility to boost acquisition and retention.
The global BNPL market grew from $105.15 billion in 2022 to $155.79 billion in 2023 at a compound annual growth rate of 48.2%. As services like Amazon Pay expand and go mainstream, the market is expected to top $744 billion by 2027.