KAYAK and Affirm Partner to Help Travelers Book Now and Pay Over Time

Rhea-AI Summary

Affirm (NASDAQ: AFRM) has partnered with KAYAK, becoming its exclusive pay-over-time provider in the U.S. This collaboration allows travelers to book flights, accommodations, and car rentals while paying in monthly installments without hidden fees. With KAYAK reporting a 40% increase in flight prices yet a 46% rise in overall search demand, this partnership aims to enhance payment flexibility for consumers. Travelers can split costs over $150, improving spending power amidst rising travel prices. Affirm's existing network includes 245,000 merchants, enhancing its market presence.

Positive

• Partnership with KAYAK increases market penetration for Affirm.
• No hidden or late fees enhance customer appeal and trust in Affirm's services.
• Increased customer demand for payment flexibility, with purchases up seven times last fall.

Negative

• None.

Now, eligible travelers can book their next trip and pay over time with no hidden or late fees

SAN FRANCISCO & STAMFORD, Conn.--(BUSINESS WIRE)-- Affirm (NASDAQ: AFRM), the payment network that empowers consumers and helps merchants drive growth, today announced a partnership with KAYAK, the world's leading travel search engine, making Affirm the company’s exclusive pay-over-time provider in the U.S. Now travelers have greater spending power and payment flexibility when booking trips on KAYAK.

(Photo: Business Wire)

According to KAYAK search data, flight prices are up 40% year over year. But high prices do not appear to be discouraging travelers from getting a trip on the books in 2023 – overall search demand is up 46% year over year. KAYAK is teaming up with Affirm to make it easier to plan and pay for trips over time this year, empowering even more people to travel.

By selecting Affirm at checkout on KAYAK.com, approved KAYAK travelers can split the total cost of flights, accommodations, and rental and car sharing over $150 into monthly payments. From there, travelers will see the total cost of their purchase and will never pay more than they agree to upfront, as there are no late or hidden fees when paying over time with Affirm.

“It’s good to have choices, especially in this economy. In addition to showing travelers all their options on KAYAK, Affirm gives travelers the ability to plan how they pay,” said Paul Jacobs, GM and VP of KAYAK North America.

“This past fall, Affirm's consumers increased purchases at airlines over seven times compared to the prior year, demonstrating higher consumer demand for payment flexibility when booking travel,” said Geoff Kott, Chief Revenue Officer at Affirm. “By partnering with KAYAK, we are able to bring consumers a flexible and transparent way to pay for travel, especially at a time when many are looking for ways to regain financial control and spending power amidst rising costs.”

KAYAK joins Affirm’s network of nearly 15 million consumers and 245,000 merchants, including American Airlines, Vrbo, Vacasa, Priceline, and more. By offering Affirm at checkout, merchants can reach new customers, drive overall sales, increase average order value and customer repurchase rates.

About Affirm

Affirm’s mission is to deliver honest financial products that improve lives. By building a new kind of payment network — one based on trust, transparency and putting people first — we empower millions of consumers to spend and save responsibly, and give thousands of businesses the tools to fuel growth. Unlike most credit cards and other pay-over-time options, we show consumers exactly what they will pay up front, never increase that amount, and never charge any late or hidden fees. Follow Affirm on social media: LinkedIn | Instagram | Facebook | Twitter.

About KAYAK

KAYAK, part of Booking Holdings (NASDAQ: BKNG), is the world's leading travel search engine. With billions of queries across our platforms, we help people find their perfect flight, stay, rental car and vacation packages. We also support business travelers with KAYAK for Business, our free corporate travel solution, and are transforming the in-travel experience with our app and new hotel and accommodation software. For more information, visit www.KAYAK.com.

Payment options through Affirm are subject to eligibility, and are provided by these lending partners: affirm.com/lenders. CA residents: Loans by Affirm Loan Services, LLC are made or arranged pursuant to California Finance Lender license 60DBO-111681.

AFRM-F

View source version on businesswire.com: https://www.businesswire.com/news/home/20230125005267/en/

Press

Affirm

Alex Rafter

press@affirm.com

(650) 398-2715

KAYAK

Cara Johnson

press@kayak.com

Source: Affirm

FAQ

What is the significance of Affirm's partnership with KAYAK?

The partnership allows KAYAK customers to use Affirm's pay-over-time service, enhancing payment flexibility and addressing rising travel costs.

How does the pay-over-time option work on KAYAK?

Travelers can book trips and split costs over $150 into monthly payments with no hidden fees.

What has KAYAK reported regarding flight prices?

KAYAK has reported a 40% increase in flight prices year over year, yet a 46% increase in overall search demand.

What are the benefits of using Affirm for travelers?

Affirm provides a transparent payment process without hidden fees, allowing travelers to manage their expenses better.

How many merchants are in Affirm's network?

Affirm's network includes nearly 245,000 merchants, enhancing its reach and service offerings.