It is already a global trend that more and more companies integrate BNPL functions (buy now, pay later)or installment payments, allowing users to access this type of traditional financing immediately, integrated into the payment gateways and without interest, so Apple could not be left behind.
This is why the American company announced, during its WWDC 2022 conference, that the iOS 16 operating system will have its new BNPL tool called Apple Pay Later.
Apple Pay Later, the new way to finance purchases
The appeal of Apple Pay Later is that with it users can split the payment of a product or service, in four equal payments and pay it over six weeks without additional interest. The first payment is due at the time of purchase and the remaining three payments every two weeks.
Payments will be managed through the Apple Wallet application, where users can create a notification calendar, to be aware of when they must make a new payment. It should be noted that although the financing of products or services will not generate interest or extra commissions, late payments could negatively affect the user’s credit.
As explained by the company, Apple Pay Later does not require any additional integration and it will be automatically available in those stores that accept payments, using the Mastercard network.
Secondly, additional features will be added to Apple Wallet such as order tracking. Thus, when making a purchase with Apple Pay, users will receive a receipt with detailed shipping information to track the package untilupon arrival.
For now, Apple Pay Later will be limited to although according to the fine print of the function, it is may not be available in all states of the American country. In addition, users who wish to use the tool will be subject to approval by the Apple company. Until now, it is not known what the parameters managed by the company will be to approve or disapprove the use of the new BNPL function, but we hope that the controversy of 2019. When the Danish programmer David Heinemeier Hansson denounced that the financial product gave him a credit limit 20 times higher than his wife.
Users are attracted to BNPL payment tools
As we said before, BNPL payment systems have become very popular among users and have been integrated by global companies such as Block, and Mastercard. Well, with the world inflation that is being experienced, these programs are very attractive for users.
In fact, the study made in 2021 by the payment platform Chekout.com states that the 80% of consumers want eCommerce to incorporate BNPL methods in their payment gateways.
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