Payments platform Stripe is now incorporating Apple Pay Later, a buy now pay later (BNPL) service, by default for its merchants.
Apple (NASDAQ:AAPL) revealed its BNPL product in 2022. The announcement immediately caused shares in other BNPL providers to stumble due to the company’s size. Apple Pay Later enables a user to split the cost of a purchase over six weeks minus interest or fees.
Apple Pay Later is available via Stripe for purchases from $75 to $1000. Currently, this option is only available in the US for Stripe users.
Apple continues to incorporate additional Fintech features. Expectations are for a longer-term BNPL feature that may incorporate interest. BNPL as a service has emerged as a popular option for consumers as, typically, it is less costly than expensive credit card transactions.
Apple offers several other Fintech services like Savings and P2P cash transfers. It has been rumored that Apple will offer an investing service at some point in the future.
