2023-03-28 12:05:06 ET
- Apple ( NASDAQ: AAPL ) officially released its Buy Now, Pay Later service in the U.S. to let users split purchases into four payments over a six-week span with no interest and no fees, the tech giant said in a Tuesday release.
- The solution, called Apple Pay Later, was initially planned to be released in September 2022 as part of iOS 16, before technical challenges delayed the launch.
- From Tuesday, Apple ( AAPL ) will start inviting select users to access a pre-release version of Apple Pay Later, with plans to offer it to all eligible users in the months ahead, the company said.
- Users can apply for Apple Pay Later loans of $50-$1,000, which can be managed in Apple Wallet and used for both online and in-app purchases with merchants that accept Apple Pay.
- The news put downward pressure on shares of companies that also offer BNPL solutions, including Affirm ( AFRM ), -5.1% and PayPal ( PYPL ), -1% .
- Earlier, Barclays said that Apple's ( AAPL ) advertising push provides risks but "big potential rewards."
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Apple rolls out Buy Now, Pay Later solution in U.S. after delay