Shares of payments provider Affirm (AFRM) jumped more than 19% after expanding its partnership with Amazon (AMZN) to offer 澳洲幸运5官方开奖结果体彩网:buy now, pay later (BNPL) services to users on the e-commerce giant's 澳洲幸运5官方开奖结果体彩网:business-to-business (B2B) platform.

Millions of small business users—specifically 澳洲幸运5官方开奖结果体彩网:sole proprietors—on Amazon Business stand to benefit from expanded payment options that include paying off their purchases via equal installments over three to 48 months. Affirm started rolling out the se🌄rvice to some users today, with all sole proprietors on the platform expected to have access by Black🌃 Friday, Nov. 24.

While most BNPL payment options don't charge interest, customers on Amazon's B2B platform will be charged an 澳洲幸运5官方开奖结果体彩网:annual percentage rate (APR) between 10% and 36% depending on perceived credit risk, Affirm's Chief Revenue Officer Wayne Pommen said in an interview with CNBC.

Users' interest rate can also depend on the repayment option they select—those approved by Affirm can choose between three plans.

At a time of rising borrowing costs, this could be a 澳洲幸运5官方开奖结果体彩网:viable alternative to traditional payment options like credit cards, which offer less flexibility and on which interest rates have soared to records recently, reaching 澳洲幸运5官方开奖结果体彩网:a median of 24.12% across all credit cards.

Amazon's partnership with Affirm stretches back more than two years, when the e-commerce giant first introduced the financial firm's BNPL services on its website, offering it to customers who spent $50 or more on a purchase. Earlier this year, Amazon also added Affirm as a BNPL payment option on Amazon Pay.

Affirm shares have more than doubled so far this year, while those of Amazo🌠n have risen 60%.

Update—Nov. 7, 2023: This article has been updated to include the detail about users haviꦿng three payment plan options.🍎

Correction—Nov. 7, 2023: This article has been corrected to clarify Affirm's BNPL offering is only for sole proprietors on Amazon Business.