Apple Inc on Tuesday launched its buy now, pay later (BNPL) service in the United States that will allow consumers to pay for purchases over time.
on Tuesday launched its buy now, pay later service in the United States that will allow consumers to pay for purchases over time.
The service, Apple Pay Later, will allow users to split purchases into four payments spread over six weeks with no interest or fees, the company said. Users can apply for loans between $50 and $1,000, which can be used for online and in-app purchases made on iPhone and iPad with merchants that accept Apple Pay, according to the company.BNPL firm Affirm Holdings Inc'sApple Pay Later is enabled through the Mastercard Installments program, the company said, adding that Goldman SachsThe company will begin inviting some users to access a pre-release version of Apple Pay Later, and plans to offer it to all eligible users in the coming months.
The BNPL business model emerged in times of very low interest rates, but the prospect of sustained increases to interest rates has raised concerns for the sector.Reporting by Chavi Mehta in Bengaluru; Editing by Rashmi Aich and Shounak Dasgupta
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