With the new Apple Pay Later function, US customers can divide purchases between $50 and $1,000 into four payments with no interest or additional fees. Analysts claim that this function is more focused on making Apple Pay more functional than it is on establishing dominance in the “buy now, pay later” market.
Apple Financing, which provides Apple Pay Later, indicates that Apple will manage duties like loans and credit assessments by itself, boosting the Apple environment. This is the first time Apple has offered such a service. It is anticipated to be a significant point of differentiation for customers. With the help of this method in-store retail can keep growing after the epidemic.
“Removing the friction from using BNPL in-store will be an important differentiator for consumers, particularly as in-store retail continues to return post-pandemic, and will give Apple a leg up on competitors,” Claire Holubowskyj of Enders Analysis told Insider. She did add, though, that given how fragmented the industry is and how late Apple comes to the party, they do not anticipate a large acceptance of the service.
Apple Pay Later is focused to make Apple Pay more functional for its consumers. They do not wish to dominate the “buy now, pay later” market. Although late payments may still have an impact on consumers’ credit ratings, Apple won’t collect any fees for them. The ability to divide payments into four interest-free installments conveniently is anticipated to be a key selling point for Apple Pay Later.
In conclusion, analysts believe that Apple Pay Later is more about making Pay more convenient than dominance of buy now pay later method. Apple Pay Later is a new feature that allows Apple Pay customers in the US. This facilitates split purchases into four installments with no interest and no fees. Apple Pay Later is anticipated to be a big selling point. This is due to the ease of splitting payments into four interest-free installments. Nonetheless, it is not anticipated to take over the “buy now, pay later” market.
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