FinTech: Kayak And Affirm Tie-Up To Offer ‘Pay Later’ To Air Travellers
The move comes as flight prices have gone up 40% year over year.
Affirm, a payment network that helps consumers and merchants, announced a partnership with KAYAK, a leading travel search engine, making Affirm (NASDAQ: AFRM) the company’s exclusive ‘buy-now-pay-later’ (BNPL) provider in the US.
This means that travelers will have more spending power and payment options when booking trips on KAYAK. KAYAK is teaming up with Affirm to make it easier to plan and pay for trips over time, helping more people to travel. (Businesswire)
Approved KAYAK travelers can split the cost of flights, accommodations, and rental and car sharing over $150 into monthly payments using Affirm at checkout. Travelers will see the total cost of their purchase and will never pay more than they agree to upfront, as there are no late or hidden fees when paying over time with Affirm.
This would enable more people to travel, given that flight prices are up 40% year over year. Encouragingly, overall search demand is nevertheless up 46% year over year.
This partnership will also benefit merchants by increasing sales, average order value and customer repurchase rates.
Affirm currently has a network of nearly 15 million consumers and 245,000 merchants, including American Airlines, Vrbo, Vacasa, Priceline, and more.
“This past fall, Affirm’s consumers increased purchases at airlines over seven times compared to the prior year, demonstrating higher consumer demand for payment flexibility when booking travel,” said Geoff Kott, Chief Revenue Officer at Affirm. “By partnering with KAYAK, we are able to bring consumers a flexible and transparent way to pay for travel, especially at a time when many are looking for ways to regain financial control and spending power amidst rising costs.”
Related Story: Expedia And Afterpay Tie Up To Offer BNPL For Travel
Image by Lars Nissen from Pixabay
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