Apple Introduces Buy Now Pay Later Service in US

Users of the “buy now pay later” service will be able to divide their expenses into four payments over the course of six weeks with zero interest or fees.

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With its new “buy now, pay later” (BNPL) service, Apple has just made it possible for customers in the US to divide their bills into four equal installments over the course of six weeks with no additional fees or interest.

The “buy now, pay later” service will enable users to purchase any item with no down payment and pay for it using four small installments spread out over six weeks, making purchases simpler.

According to some reports, Apple introduced the “Apple Pay Later” service to compete with companies like “Klarna” and “Affirm Holdings,” which have long dominated the fintech industry and provide comparable BNPL services to their users.

Before Apple chooses to roll out Apple Pay Later to more users in the upcoming months, it is only available in the United States and is only available to a select group of users.

Users can obtain a loan of $50 to $1,000 for their online and in-app purchases from any merchant that takes Apple Pay once they have signed up for Apple Pay Later.

Now that more than 85% of US retailers take payment through Apple Pay, this feature has the potential to become extremely popular in that country.

There are many competitors to Apple Pay, which has a sizable user base in the EU and some Asian nations. However, once it adds features like Apple Pay Later, it will undoubtedly go on to dominate competition there as well.

“Apple Pay Later will handily defeat some of the competition. Due to their popularity, other businesses would have looked at what Apple announced today. Danni Hewson, chief financial analyst at AJ Bell, said of the new feature, “This will eat into the market share of other players.

Affirm Holdings and PayPal both experienced share price declines of 7% and 1% following the announcement of Apple Pay Later, respectively.

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