Apple Introduces Buy Now Pay Later Service In US

Users will be able to split their bills into four separate payments over six weeks, with no interest or fees.

Apple has just launched its ‘buy now, pay later’ (BNPL) service in the United States, allowing users to divide their bills into four separate payments spread out over six weeks, with no interest or fees.

The ‘buy now, pay later’ service, as the name suggests, will allow users to get any product with no down payment and pay for it in four small payments spread out over six weeks, making purchases easier.

It’s speculated that Apple launched the ‘Apple Pay Later’ service to compete with companies like ‘Klarna’ and ‘Affirm Holdings,’ both of which offer similar BNPL services to their users and have been dominating the fintech sector for a while. services.

A newer feature, Apple Pay Later, is only available in the United States and to a limited number of users before Apple decides to roll it out on a larger scale in the coming months.

Users who sign up for Apple Pay Later can receive a loan of $50 to $1,000 for online and in-app purchases from any seller who accepts Apple Pay as a payment method.

Because more than 85% of all US retailers accept Apple Pay, this feature has the potential to become extremely popular in the United States.

While Apple Pay has a significant user base in the EU and some Asian countries, it also has a slew of competitors; however, once features it has like introduced features like Apple Pay, it will undoubtedly dominate competition there as well.

“Apple Pay Later will destroy some of the other competitors.” Other companies would have looked at Apple’s announcement today because the company is well-known. “This will eat into the market share of other players,” AJ Bell’s head financial analyst, Danni Hewson, said of the new feature.

Following the announcement of Apple Pay Later, both Affirm Holdings and PayPal saw their share prices fall by 7% and 1%, respectively.

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