Shares of Shopify (NYSE: SHOP) jumped 13.6% on Friday after the online retail platform extended its collaboration with buy now, pay later (BNPL) services provider Affirm (NASDAQ: AFRM).
The multi-year deal keeps Affirm as Shopify's exclusive BNPL partner in the U.S. Affirm will power Shopify's Shop Pay Installments service, which has proved popular with online business owners and consumers alike.
As part of the deal, Affirm will make its Adaptive Checkout product available to Shopify's merchants. The technology presents biweekly and monthly payment options in a streamlined checkout process. The new system will make it possible for shoppers to use Shop Pay for purchases ranging from $50 to $17,500, with payment terms of up to 12 months.
Source Fool.com