Apple Pay Later will provide Americans with a seamless and secure way to split the cost of an Apple Pay purchase into four equal payments spread over six weeks, with zero interest and no fees of any kind.
Built into Apple Wallet and designed with users’ financial health in mind, Apple Pay Later makes it easy to view, track, and repay Apple Pay Later payments within Wallet. Users can apply for Apple Pay Later when they are checking out with Apple Pay, or in Wallet. This year, Apple Pay Later will be available everywhere Apple Pay is accepted online or in-app, using the Mastercard network.
With Apple Pay Later on the way, how concerned should other buy now, pay later services like Affirm, Klarna, and Afterpay be? Considering Apple’s user base, other companies should, at the very least, pay attention to what’s coming.
If Apple Pay Later is already built into the smartphones of half your potential market, you take notice.
Apple users tend to spend more than Android users as well, which means that not only are competitors missing out on potential customers but potential customers that spend more. Even though Apple’s offering may not draw customers away from Affirm, Klarna, or Afterpay, it will probably slow down the rate at which new customers sign up.
MacDailyNews Take: Just this week, Apple expanded testing of the Apple Pay Later service to its retail employees in America, signaling that the release is imminent.
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[Thanks to MacDailyNews Reader “Fred Mertz” for the heads up.]
Incentivizing living in debt is simply destructive…or, the new innovation from AAPL?
“Show mw an incentive and I’ll show you the outcome.” C Munger
Thts uh briliunt commetuh.
Debt is debt. Adherents to modern pay form factors out of a sense of relevance or convenience are fools (read: millennials or younger, or their technologically illiterate parents). You still owe, and you are still going to have to pay, no matter how contactless your transaction was. Your Apple watch is cool. It does not make you unaccountable. we are eventually going to get to the point where no one was actually financially accountable for anything in real time, and then – hoo boy. Will make the crash of 2008 look like fun time. Somebody has to pay for it all guys and gals – currency does not just appear out of thin air through a device, a website, or a card. This also applies to crypto. If nothing real is backing it, it isn’t backed by anything and someone will have to pay for it. It is indeed a trivial point, but for some reason it is begging for explanation in this day and age. I now many of us have bought an iPhone or Apple watch and use modern methods of payment. That does not make you a billionaire immune from the financial repercussions of your decisions, and if you aren’t a billionaire, those decisions will come home to roost. Think about your college debt and imagine it is personal debt because you bought something extravagant at Target too many times.
No value for the rest of the world. Will take ages again before this is available elsewhere.