Amazon.Com, Inc. AMZN is collaborating with Mexican fintech Kueski, known for “buy now pay later” and personal loans, to introduce bi-weekly installment payments in Latin America’s second-largest economy.
Amazon customers who choose to use Kueski Pay for their purchase will be able to select plans of up to 12 bi-weekly installments. A key feature of this product is that it does not require a credit card.
Kueski, the fintech partner, will handle the financing and assess the credit for each user, as stated by Andrew Seiz, the startup’s head of finance, during an interview with Bloomberg.
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“It’s an exciting milestone, given Amazon is such a significant merchant in the context of Mexico,” Seiz told Bloomberg. “With this agreement, people who may not have been able to access financing before will be able to purchase products in Amazon.”
“Customers are increasingly looking for flexible payment options to help them meet their purchasing needs,” said Karen Pepper, Head of Digital Payments for Amazon Mexico.
“Paying in bi-weekly installments with Kueski Pay is Amazon’s latest initiative to provide customers in Mexico with access to affordable payment methods, and expanding Amazon’s secure financing offers with a simple fee structure demonstrating our commitment that Amazon is for everyone.”
Meanwhile, the tech giant was recently in the headlines for terminating its merger pact with IRobot Corporation IRBT.
This deal would have allowed Amazon to invest in continued innovation by iRobot and support iRobot in lowering prices on product customers.
Amazon will pay iRobot a $94 million termination fee.
Price Action: AMZN shares are trading lower by 0.20% to $160.93 on the last check Tuesday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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