As of August 30th, 2021, Amazon announced that it has come up with a new mode of payment that it will allow its customers to use. Amazon stock (NASDAQ: AMZN) was up by 2.4% on Monday 30th recorded at 1.30 pm EDT. This increase may not be remarkable but on $1.7 trillion stock, it is equal to adding $40.8 billion into the market capitalization.
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To understand the rise following the announcement, let us go back to a couple of days ago. Affirm Holdings (NASDAQ: AFRM) “buy now, pay later” stock teamed up with Amazon. And Affirm Holdings said that Amazon will let its customers use this service as a payment option during the checkout process.