Observed Signal · Jun 7, 2022 · Product Launch · Source: Trending Topics · Impact: 3/5 · Sentiment: Neutral
Apple Unveils Apple Pay Later BNPL Service at WWDC 2022
At WWDC 2022, Apple announced its entry into the Buy Now, Pay Later (BNPL) market with 'Apple Pay Later', a service integrated into Apple Wallet and part of iOS16. Eligible US users will be able to split Apple Pay purchases into four equal installments over six weeks without interest or fees, though card-issuing banks may charge fees for insufficient funds. The solution works wherever Apple Pay is accepted online or in apps using the Mastercard network. Apple will check users' liquidity and creditworthiness, potentially using Apple Pay purchase history or its Mastercard partnership. The move intensifies competition in the BNPL sector, where incumbents like Klarna, Affirm and PayPal are established. Market conditions are risky amid rising inflation and recession fears; Klarna recently cut ten percent of its workforce and other BNPL providers face uncertainty.
Apple's entry into the BNPL market via Apple Pay Later is a major platform move affecting e-commerce checkout and the broader commerce ecosystem, but it is not a core AdTech infrastructure change.
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Key Takeaways & Evidence Grounding
- At WWDC 2022, Apple announced 'Apple Pay Later', its entry into the Buy Now, Pay Later (BNPL) market.
- Eligible US users can split Apple Pay purchases into four equal installments over six weeks without interest or fees.
- Apple Pay Later is integrated into Apple Wallet and ships as part of iOS16 in fall 2022.
- The service will be available wherever Apple Pay is accepted online or in apps within the Mastercard network.
- Klarna laid off ten percent of its workforce, citing rising inflation and a likely recession.
Connected Companies & Entities
6 Entities mapped“Apple is getting on the 'Buy Now, Pay Later' (BNPL) trend... The iPhone group enters the 'Buy Now Pay Later' business....”
“Apple could do this based on Apple Pay's past purchase history or through its partnership with Mastercard — after all, one of the most impor...”
“It won't work at Amazon, for example, which already has the BNPL solution from Affirm... integrated....”
“It won't work at Amazon, for example, which already has the BNPL solution from Affirm, founded by PayPal co-founder Max Levchin, integrated....”
“Klarna, one of the market leaders in Europe, recently laid off ten percent of its workforce....”
“PayPal is integrated into many check-out processes with its installment payment solutions....”
Ontology Mapping & Concepts
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