CUPERTINO, Calif.— Apple device users will soon be able to tap into buy now, pay later loans from Affirm for purchases, after the company announced an end to its own BNPL offering, a new report stated.
As CUToday.info reported, after launching the service with much fanfare—and raising worries in credit unions—Apple has announced that it is longer be offering BNPL financing through its Apple Pay Later offering, which was launched in 2023.
Affirm will become an option for U.S. Apple Pay users on iPhones and iPads later this year.
A ‘Boost’ for Segment
“The move is a boost to Affirm and the buy now, pay later sector in general,” CNBC reported. “When Apple introduced its own BNPL product last year, investors were concerned that the tech giant would crowd out stand-alone providers like Affirm. But the fact that Apple decided to also allow Affirm products in its ecosystem shows that the fintech company has something unique to offer.”
Added Affirm in a statement to CNBC, ”This provides users with additional payment choices, and offers the ease, convenience and security of Apple Pay alongside the features users love in Affirm – flexibility, transparency and no late or hidden fees.”
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