The implementation is typical Appleeasy to do and protective of your privacy.
“I think Apple Pay Later is a natural extension for Apple.
I think personal loans could be a logical next step.
Blake Wisz / Unsplash.com
The whole setup is interest free, so if you keep to the payments, it costs nothing extra.
Apple
Because it’s interest-free, Apple makes no money directly from its BNPL.
Instead, it keeps making moneyfrom its merchant fees.
Apple
The idea seems to be that Pay Later will grow the use of Apple Pay in general.
But that ease of use could be the problem.
Fast Debt
Fast and easy loans mean fast and easy debt.
Knocking back payments isn’t in itself a bad idea.
Psychologically, BNPL is attractive.
If today’s payment is just a quarter of the full ticket price, who wouldn’t be tempted?
“The buy now and pay later do not bode well for all users.
As a result, they may end up with huge loans and financial burdens.”
Apple will have no problem financing loans.
It has a huge pile of around $200 billion cash sitting around.
One does wonder how it will square its famously customer-friendly reputation with overdue payment demands and late fees.
