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.]