Observed Signal · Jun 7, 2022 · Product Launch · Source: Trending Topics · Impact: 4/5 · Sentiment: Neutral
Apple Launches Buy Now Pay Later Service in iOS 16
Apple announced its entry into the Buy Now Pay Later market with 'Apple Pay Later,' a feature integrated into Apple Wallet as part of iOS 16. US users will be able to split Apple Pay purchases into four equal installments over six weeks without interest or fees. Card-issuing banks may still charge fees if users' debit accounts lack sufficient funds. The service will work wherever Apple Pay is accepted online or in apps via the Mastercard network and is expected to arrive in fall 2022. Apple's move intensifies pressure on an already strained BNPL sector: Klarna is cutting around 700 jobs, or ten percent of its workforce, citing inflation, volatile markets, and a likely recession. Apple's free installment option will not be available at Amazon, which uses Affirm's BNPL solution, while PayPal continues to offer its own installment products across various checkouts.
Apple, as a major platform, is entering the BNPL market with a free, Wallet-integrated installment service, a move that could reshape e-commerce checkout and payment economics, with downstream effects on conversion rates and the commerce media ecosystem.
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Key Takeaways & Evidence Grounding
- Apple announced Apple Pay Later, a BNPL service letting US users split Apple Pay purchases into four equal payments over six weeks with no interest or fees.
- Apple Pay Later is integrated into Apple Wallet and will ship as part of iOS 16 in fall 2022.
- The service works wherever Apple Pay is accepted online or in apps via the Mastercard network.
- Apple Pay Later will not function at Amazon, which uses Affirm's BNPL solution.
- Klarna announced it will lay off about 700 employees, roughly 10% of its workforce, citing inflation and a looming recession.
Connected Companies & Entities
6 Entities mapped“Der iPhone-Konzern steigt ins Geschäft mit "Buy Now Pay Later" ein....”
“Bei Amazon etwa wird es nicht funktionieren – dort ist bereits die BNPL-Lösung von Affirm integriert....”
“Die BNPL-Lösung von Apple soll überall dort funktionieren, wo "Apple Pay online oder in Apps mit dem Mastercard Netzwerk akzeptiert wird"....”
“dort ist bereits die BNPL-Lösung von Affirm, das von PayPal-Mitgründer Max Levchin gegründet wurde, integriert....”
“Klarna, einer der Marktführer aus Europa, will sich von zehn Prozent seiner Belegschaft trennen – etwa 700 Mitarbeiter:innen wurden Abfindun...”
“PayPal ist mit seinen Ratenzahlungslösungen in viele Check-out-Prozesse integriert....”
Ontology Mapping & Concepts
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