Apple adds Buy Now Pay Later to digital wallet and this should be good news to online shoppers who use the platform for different purchases.
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Apple adds Buy Now Pay Later: What you need to know
What you need to know about the latest development as Apple adds Buy Now Pay Later to digital wallet will be explained innthis press statement as captured through JVZoo.
Read the press statement below:
Apple has become the latest company to embrace the buy now, pay later trend by adding the option to their digital wallet.
Apple will allow customers to pay for purchases in installments with a new feature called “Apple Pay Later”.
It will allow customers to split payments for purchases into four installments over six weeks, with the first installment due at the time of purchase. Customers will also be given the option to apply for a loan within the Wallet app, ranging from $50 to $1000, with no interest or fees.
This option will be rolling out to select users in the United States now, with plans to offer it to all eligible customers in the coming months, according to a company release.
Many consumers have turned to “buy now, pay later” apps such as Affirm, Klarna, and Afterpay to help stretch their budgets during these times of high inflation. Some experts, however, are worried that this will cause consumers to simply take on more debt.
Terri R. Bradford, a research specialist in payment systems for the Kansas City Federal Reserve, said, “So the possibility is that you could, in your mind, think of everything that you’re buying in those four installments and, as a result, take on more debt that you would if you had to pay for them in full each and every time.”
Despite this, Apple is optimistic about its new program, with Jennifer Bailey, vice president of Apple Pay and Apple Wallet, stating, “There’s no one-size-fits-all approach when it comes to how people manage their finances. Many people are looking for flexible payment options, which is why we’re excited to provide our users with Apply Pay Later.
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