Apple Sets Sights on BNPL Market
(7 June 2022 – United States) Apple is launching a new feature for Apple Pay to allow customers to pay for purchases in installments over time without interest, its own proprietary buy now pay later (BNPL) offering labelled “Apple Pay Later”.
The service is Apple’s approach on a buy now, pay later (BNPL) service, built right into Apple Pay and coming with iOS 16.
“Users can apply for Apple Pay Later when they are checking out with Apple Pay, or in Wallet. Apple Pay Later is available everywhere Apple Pay is accepted online or in-app, using the Mastercard network” Apple said in a press release.
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