The multinational company Apple is coming up with a new feature of its Pay services. This new feature will allow the users to pay for their purchased product in four different installments. This feature is called Apple Pay Later. The users can pay their installment over time and no extra costs or interests will be added to it. This is said to be the company’s catch on buy now pay later service. It will be coming along with IOS 16.
Recently, the demand for BNPL services has raised. Companies like Affirm or Klarna and Block have raised as big financial services which allow users to pay later after the purchase. It was in talks that the multinational conglomerate is working on a similar feature. Apple Pay later will ultimately give high competition to the other BNPL services.
On June 6, Apple Inc disclosed at WWDC about the launch of the pay later service on its Apple Pay. This feature is believed to be an expansion in Apple’s approach to making more users purchase products using its Apple Pay.
A user will be allowed to pay in installments within a six–weeks time. At the time of the purchase, the consumer will have to pay the first installment and others at an interval of two weeks. These payments will be managed by the Apple wallet app. The users can also pay for their purchased product in advance as per their choice.
Apple has announced that users will be able to use this pay later service either while using their Apple Pay app or while using their wallet app. This service is made available everywhere. Users can use Apple pay either on the app or on the web.
At WWDC the company also announced that it will be launching Apple order tracking which will let the consumers receive receipts and order tracking to Wallet, editable texts, and a revamped lock screen along with the pay later service. Furthermore, the Apple Pay Later requires no additional integration.
Currently, the BNPL market is experiencing a recession. This happened after capitalists withdrew in the middle of higher interest rates and there was a reduction in the growth globally. On May 31 Affirms trade closed at a downslide of 70%. It was also seen in recent times that Klarna dismissed 10% of its total employees. However, research has forecasted that by 2030 the net worth of BNPL services will be $39.41 billion.
