NEW YORK, June 19 — Although Apple is discontinuing its buy now, pay later service launched last year, the company is sticking with the product, with a successor to the offering...
Apple announced last week that Apple Pay users would be able to access new instalment loan offerings this autumn, including the ability to apply for BNPL loans directly through Affirm when they check out with Apple Pay. — AFP picNEW YORK, June 19 — Although Apple is discontinuing its buy now, pay later service launched last year, the company is sticking with the product, with a successor to the offering launching later this year via third-parties like Affirm.
In a statement on Monday, Apple said its new solution “will enable us to bring flexible payments to more users, in more places across the globe in collaboration with Apple Pay-enabled banks and lenders.” It did not comment further about why it was ending its independent BNPL offering. Analysts had viewed Apple’s original BNPL product as a competitor to BNPL providers like Affirm. It offered customers the ability to buy products and pay in four interest-free instalments for items up to US$1,000. Affirm offers users the option to pay for products in two or four instalments, as well as monthly instalments for higher-cost items.
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