Last Updated: March 29, 2023, 08:00 IST
Apple Pay later is the most recent service from the corporate
Apple Inc on Tuesday launched its purchase now, pay later (BNPL) service within the United States that can enable shoppers to pay for purchases over time.
(Reuters) -Apple Inc on Tuesday launched its purchase now, pay later (BNPL) service within the United States that can enable shoppers to pay for purchases over time.
The service, Apple Pay Later, will enable customers to separate purchases into 4 funds unfold over six weeks with no curiosity or charges, the corporate stated.
Users can apply for loans between $50 and $1,000, which can be utilized for on-line and in-app purchases made on iPhone and iPad with retailers that settle for Apple Pay, in line with the corporate.
Apple Pay is accepted by over 85% of U.S. retailers, the corporate stated.
BNPL agency Affirm Holdings Inc’s shares fell 2.7%.
Apple Pay Later is enabled by means of the Mastercard Installments program, the corporate stated, including that Goldman Sachs was the issuer of the Mastercard cost credential.
The firm will start inviting some customers to entry a pre-release model of Apple Pay Later, and plans to supply it to all eligible customers within the coming months.
The BNPL enterprise mannequin emerged in occasions of very low rates of interest, however the prospect of sustained will increase to rates of interest has raised considerations for the sector.
Apple introduced the pay-later service in June final yr.
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(This story has been edited by News18 employees and is revealed from a syndicated news company feed)
Source web site: www.news18.com
