Affirm, a payment network aiming to empower consumers and help merchants drive growth, is teaming up with Shopify, the internet infrastructure for commerce provider, to enable merchants in Canada to offer customers the option to pay in instalments.
Shopify merchants in Canada with early access can now offer Shop Pay instalments, powered by Affirm, to shoppers, marking the product’s first availability outside the US.
Using the offering, customers can apply to split eligible purchases ranging from $35 to $30,000 into biweekly and monthly payments.
Shop Pay instalments will become available in general access to Shopify merchants in Canada and the UK this summer, with cross-border commerce capabilities between the US, Canada, and UK to follow. The two companies have also revealed plans to expand to Australia and Western Europe next, starting with France, Germany and the Netherlands.
“We’re thrilled to launch Shop Pay instalments in early access to Canada as our first step beyond the US,” explained Kaz Nejatian, COO of Shopify. “Our partnership with Affirm expands our global reach, giving shoppers the flexibility to pay over time, and drives higher conversion rates for merchants worldwide.”
As Shop Pay instalments launches in each new market, local merchants will be able to activate the product directly from their Shopify admin dashboard – with no additional development or technical integration required.
“From day one, Affirm’s partnership with Shopify has been focused on empowering merchants to succeed by offering transparent, flexible payments that unlock purchasing power for consumers,” added Max Levchin, founder and CEO of Affirm. “Millions of shoppers in the US trust and rely on Shop Pay instalments. Today’s launch in Canada marks an exciting first step as we further extend our global presence – first with Shopify merchants, and soon after with our integrated merchants across the UK, Europe, and Australia.”
Since its launch in 2021, Shop Pay instalments have seen widespread use, with millions of consumers actively utilising this payment method across Shopify’s extensive merchant network in the US.
