Apple Pay Later: How important is the new payment system?


Apple also introduced a new payment system during the keynote address. Apple Pay Later is based on Apple Pay and allows you to pay in installments: For example, if you buy a notebook, you can pay the full amount up to four installments, which are deducted in six weeks at no extra charge. The new payment option will initially be available in the U.S. only, starting in September. The amount also does not exceed $ 1,000.

Although Goldman Sachs provides Apple with a Master Card, Apple wants to take on tasks such as credit verification and lending and has apparently set up its subsidiary Apple Financing LLC for this purpose. Apple guarantees payments itself and also wants to evaluate Apple ID data to verify creditworthiness, such as payment behavior. Apple only owned the English company fintech in March Credit Respect has taken over, which specializes in this type of research.

This has attracted the attention of investors and the business media in particular, as it is here that Apple enters a hotly contested market called BNPL or Buy Now, Pay Later. We don’t want to offer investment advice here, but the background is pretty fun. Companies that specialize in parts of such payments, such as Affirm, Afterpay or Pay Later, have recently been valued by the stock market in the billions, but these ratings have fallen sharply in recent months. According to Barron’s financial side, Apple’s announcement to service provider Affirm dropped 5.5 percent. followed. It is clearly controversial whether Apple itself will benefit from the new offer. For example, some see this new service as a reason to buy shares of Apple immediately to buyexperts like Karen Webster see it completely differently about Alpha Search – Apple has a lot of problems ahead of it.

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BNPL is mostly used by younger, low-income people, which can cause a lot of problems during Apple’s expected future recession. Customer acceptance is difficult to assess, largely because vendors such as Paypal have built a huge customer base. For now, Apple Pay Later will also be available online, not at retail. According to the report, Apple Pay has common acceptance issues here. Apple also refuses to open the iPhone NFC chip to other vendors such as Paypal ( even if Europe is also under pressure from the EU) and is now openly in competition with suppliers that previously paid high taxes to Apple. Apple’s evaluation of customer data should also be a problem for many privacy advocates.

Apple’s announcement of a payout plan has caused a stir. This can increase Apple Pay acceptance and generate additional revenue for Apple. However, this is a very competitive business and it is quite possible that Apple will benefit from the new offer only to a very limited extent. The service is of interest to customers, but could cause additional problems for Apple, including data protection authorities and competing services. (Macwelt)



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