Apple Pay Later is affecting Afterpay and ZIP

How Apple Pay Later is impacting Afterpay and other BNPL Provider?

In the opening of WWDC 2022, Apple has also announced its buy now, pay later service; Apple Pay Later which allows any purchases as long as Apple Pay is accepted. This gives leeway for Apple users to pay for their purchases in up to 4 payments over 6 weeks, at 0% interest. The payments can be managed via the Wallet app
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Apple’s buy now pay later (BNPL) feature availability and launch date in Australia is still yet to be confirmed. As of now, the feature is confirmed to be available for Apple users residing within the United States after the rollout of iOS 16. Users that are interested in Apple’s BNPL will have to undergo a soft credit check to confirm their eligibility, and their credit scores will not be impacted. However, any missing payments on BNPL plans will negatively impact their credit score.

In Australia particularly, the buy now pay later scene was been growing rapidly with increased adoption among users. This will mean that BNPL companies in Australia such as PayPal, Afterpay, Zip Pay and so on, will be heavily disrupted by Apple’s BNPL service if Apple ever decides to launch this feature in Australia in the future.

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