Paybright, part of Affirm (NASDAQ:AFRM), is now live and in the wild on the Apple Store for Canadian purchasers.
As was previously reported, Apple (NASDAQ:AAPL) is incorporating Paybright, a Canadian BNPL (buy now, pay later), to facilitate purchases. As there is no interest fee you may expect the service to be popular across the Canadian provinces. Currently, an iPhone may be purchased with zero interest with 24 monthly payments. A Mac or iPad may be purchased over a 12 month period. The offer is also available at physical locations.
By offering a BNPL service, customers can dodge expensive credit card fees if they plan on paying the balance over a period of time.
The chatter stateside indicates that Apple will launch its own flavor of BNPL in partnership with Goldman Sachs / Marcus – the same bank that is powering the Apple Card. This represents another slow step for the world’s largest company in adding more Fintech services. Perhaps a bigger question is when will Apple pay interest for savings as it already allows its customers to hold money in Apple Cash. And then perhaps crypto.
