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Amazon is Continuing to Bet on BNPL

By Josh Einis
August 23, 2023
in Analysts Coverage, Buy Now, Pay Later, Credit
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Amazon Go store, Amazon Finance, Amazon swipe fees, Jeff Bezos India strategy, Mayank Jain Amazon Pay

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Amazon is expanding its financial services footprint by letting retailers integrate Amazon Pay—its buy now, pay later (BNPL) option—within their checkout to reach a new audience of buyers looking for flexible payment options.

According to an email sent to Retail Dive, “the equal monthly payments offering is now available at tens of thousands of other online stores, including Lenovo, Tennis Express and Authentic Watches.”

Diversifying Revenue Streams

By transforming its payment infrastructure into a comprehensive financial ecosystem, Amazon is engaging customers at various touchpoints.

The BNPL model has witnessed exponential growth as shoppers seek more flexible alternatives to traditional credit. Amazon’s extension of this service beyond its platform to other retailers amplifies the trend’s momentum. It also demonstrates the e-commerce giant’s adaptability and determination to make a name for itself within the financial services landscape

A Payments Behemoth?

In recent months, Amazon has made significant strides to diversify its payments efforts—and ultimately—give both consumers and merchants a frictionless commerce experience. Just look at its recent endeavors with Amazon One, its palm recognition technology.

In March, the company partnered with Panera Bread to give consumers the option to pay for their food and drinks—in addition to accessing Panera’s loyalty program—just by scanning their palm at checkout. Since then, the company has continued to partner with various companies, including Starbucks and Whole Foods.

Amazon is entering a crowded Payments as a Service market, competing against firms such as Stripe and Square. But there’s no doubt that Amazon’s ongoing efforts align with its objective of becoming a comprehensive financial and e-commerce ecosystem.

In many ways, the steps Amazon is taking to establish itself as a key player within the financial services space mirrors Apple’s ongoing efforts in establishing a financial ecosystem of its own. In a recent Javelin Strategy & Research report, “Apple Savings and the Emerging Personal Payment Stack,” Christopher Miller, Lead Analyst of Emerging Payments at Javelin Strategy & Research, delved into Apple’s financial services efforts.

Essentially, Apple is aiming to be at the forefront of the consumer payment experience and keep its users within its ecosystem of apps and technology. Amazon is engaging in a similar strategy, where the goal is to keep customers within its orbit—and its recent BNPL expansion highlights just that.

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