![]() ![]() Hopefully it will be clear how this can be integrated into our market alongside our regulatory requirements. If you comb through the fine print, you’ll also find Apple reporting that “a user’s Apple Pay Later loan and payment history may be reported to credit bureaus and impact their credit”.īy the time Apple brings their BNPL platform to Australia, we will be able to tell how this product has had an impact on the American market. ![]() Thankfully there is clarification that the application process will involve an assessment of creditworthiness, so there will be no applying for the product when you’re drowning in debt. This may not mesh with new rules for regulation around BNPL in Australia. Notably, Apple’s announcement at the launch of this product says that Apple Pay Later will be able to “apply for a loan within Wallet with no impact to their credit”. How will Apple Pay Later impact my credit score? This is to minimise the risk of people falling into the trap of debt. These payments will be linked via Apple Pay to a debit card, with credit cards not being accepted. Users are currently only able to use the payment method where Apple Pay is available, and on purchases between the values of $50 and $1,000. The service, called Apple Pay Later, does not charge interest (making it potentially feel more accessible to many than a credit card) or any joining fees. ![]() With growing scrutiny over the BNPL industry and its potential to create long-term impacts on your credit score, how does Apple’s offering actually look? What is Apple Pay Later?Īpple’s Pay Later payment platform functions similarly to Afterpay or Paypal Pay in 4, allowing users to split purchases into 4 over 6 weeks. Okay: only if you live in the USA and for online purchases if you have iOS 16.4 (or iPad 16.4) and up, and if you’ve been randomly selected as a part of Apple’s “randomly selected” early access trial. Sorry, I should say, only if you live in the USA.Īnd, sorry, it’s only if you live in the USA and for online purchases if you have iOS 16.4 (or iPad iOS 16.4) and up. And it follows that some people may use it to spend on Apple products, though it will be by no means limited to this.As if there weren’t enough Buy Now Pay Later options on the market, Apple’s long-awaited addition to the world of BNPL has finally arrived. The service is yet another way to hook people into the Apple ecosystem, with easy credit at their fingertips. It is built into Apple Wallet, available everywhere Apple Pay is accepted both real world and online, and users can apply as they are checking out with Apple Pay, or in Wallet. Customers will be able to split the cost of an Apple Pay purchase into four equal payments spread over six weeks. Offering the ability to pay in instalments, with no fees or interest, the Pay Later service will work through Apple Pay. And Apple’s new system essentially eats into that market. Buy now pay later services have invaded the market, offering short-term loans to people for relatively small amounts. One pandemic and a lot of economic turmoil later, things have changed. That particular transformation was kicked off by the company in 2019 when Apple launched its own credit card for US customers. The new service, which is only available to US customers, for now, makes perfect sense - it is the next step in turning Apple into a financial services provider. Apple’s announcement that it planned to offer “buy now pay later” through its Wallet app might have taken some people by surprise. ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |