Evolve Partners with Affirm to Offer Pay-Over-Time Options to Travelers

Evolve, a prominent vacation rental hospitality company, has teamed up with the payment network Affirm to introduce pay-over-time options for travelers, as outlined in PYMNTS News. Affirm will be the exclusive pay-over-time partner for Evolve, which boasts a portfolio of more than 30,000 properties in 750 markets.

Eric Schueller, the Executive Vice President of Revenue at Evolve, expressed his enthusiasm for the partnership, stating, «We look forward to the positive impact this partnership will have on Evolve bookings and the opportunity it will create for people to travel and make memories during these uncertain economic times.»

Under this collaboration, eligible travelers can now reserve vacation rentals through Evolve and choose to pay over time with convenient monthly installments through Affirm’s payment solution. When approved, Evolve customers selecting Affirm at checkout can divide the total cost of any booking over $500 into manageable monthly payments. Crucially, they will always be presented with the total cost upfront, ensuring complete transparency.

Pat Suh, Senior Vice President of Revenue at Affirm, highlighted the importance of flexible payment options for travelers: «Recent Affirm research revealed that the vast majority of Americans — more than 90% — plan to travel this year, and the fact that costs remain elevated means it is crucial travelers have access to flexible and transparent payment options. By partnering with Evolve, we are able to allow more travelers to book trips without concern for late fees or compound interest.»

With the launch of this partnership, Evolve joins the ranks of more than 266,000 other Affirm retail partners, further expanding the reach of the buy now, pay later (BNPL) trend in the travel industry.

BNPL is rapidly gaining popularity as a preferred payment method among travelers, with a growing number of providers and use cases. PYMNTS Intelligence found that younger consumers, in particular, are inclined to use BNPL for their travel expenses. According to «The Credit Economy: How Consumers Financed Their Summer Travel,» a collaborative report by PYMNTS and i2c, 30% of millennials and 29% of Gen Z consumers either used or planned to use BNPL for their summer travel expenses, compared to only 5% of baby boomers and seniors. The younger generations turn to BNPL for travel expenses due to its ability to manage cash flow and offer more favorable payment terms.