Apple has launched the Buy Now, Pay Later service in the United States.
This service allows customers to divide their purchases into four equal payments. The consumer must transfer the full payment within six weeks. The customer must make the first payment at the time of purchase.
Also, Apple users can apply for a loan in the Wallet app in the amount of $ 50 to $ 1,000 without interest and commissions to make purchases online or in the app. Preferential funds are debited during the application process without any impact on the user’s credit.
In the near future, this service will operate on a limited scale and will be available to a limited number of consumers. A few months later, the company intends to begin the full deployment of the service.
Apple Pay Later was announced last June. A lot of time has passed from the presentation to the launch of the service, albeit on a limited scale.
The launch of a new service by a technology giant is an action that can be described as an adaptation to new realities in the field of payments and a reaction to changing consumer behavior during a period of high inflation. Users are increasingly paying for purchases online. High inflation and total uncertainty in the global economy force consumers to manage their existing budgets more carefully and thoughtfully. In the current economic conditions, a common strategy of behavior is to pay for goods and services in installments. This tactic of financial decisions allows you to keep the budget within acceptable limits.
Some economists and consumer advocates claim the potential danger of paying for purchases in installments. They say that such an opportunity could lead to buyers taking on more debt. Terry R. Bradford, a specialist in payment systems research at the Federal Reserve System of Kansas City, says that consumer behavior is more responsible if the payment is carried out in one action.
Apple, working on a new service together with Goldman Sachs and Mastercard, simultaneously created a subsidiary of Apple Financing, which will offer loans directly.
Earlier this year, the tech giant acquired the British credit bureau Credit Kudos, which uses open banking technologies to provide finely tuned credit ratings. Apple will receive data exchange fees from transactions and will not be forced to transfer customer information to third parties.
As we have reported earlier, Apple Cuts Spending on Bonuses, Hiring and Travel.