CUPERTINO, Calif.–Apple’s Worldwide Developers Conference is famed for its previews of new hardware, software devices and, now, a buy now, pay later (BNPL) solution.
During its Developers conference the company’s CEO, Tim Cook, unveiled software changes for laptops, smartphones, and tablets, as well as a new, faster chip. And as part of the company’s lucrative offerings in non-traditional offerings, it also announced a buy now, pay later feature that will be integrated into its Apple Pay offering and the promise of expanding CarPlay into more functions of the car.
The new BNPL offering is called Apple Pay Later.
While the company has a strong hold in many verticals, “Apple’s entry into buy-now-pay-later is likely to stir greater competition,” reported the Wall Street Journal in its review of the BNPL solution. “The market for such services has exploded in recent years. The top five app providers downloaded through Apple’s App Store and Alphabet Inc.’s Google Play Store, including Affirm and Klarna, collectively had an estimated 7.5 million monthly active users in May, a 44% increase from a year earlier, according to researcher Sensor Tower.”
Shares of Affirm Holdings Inc., a platform that offers installment payment plans for consumer purchases, fell by more than 3% Monday after Apple’s announcement, the Journal said.
Four Payments, 6 Weeks
Apple Pay Later will be available wherever Apple Pay is accepted online or in-app using the Mastercard network, according to the Journal. Users will be able to split the cost of a purchase into four equal payments spread over six weeks without interest or fees, the company said.
Apple also announced other changes to Apple Pay during the event, including allowing merchants to take payment between iPhone taps.
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