Apple Inc. Launches ‘Pay Later’ Feature for Apple Pay Users
Buy Now Pay Later (BNPL) has been a growing service offered by retailers to an ever-expanding online clientele, especially as inflation has decreased buying power in recent years.
On Tuesday, Apple rolled out “Apple Pay Later” which will compete with existing BNPL providers. Users will be able to split payments into four installments spread over six weeks. Before using this credit, users would need to apply for the loan, and would then be able to use it for purchases made online or in-app on iPhones and iPads.
Apple Pay is accepted by over 85% of U.S. retailers, and this service is expected to become popular among consumers.
Shares of existing BNPL providers were down today in the wake of this announcement by Apple.