The news: Apple launched its BNPL solution Apple Pay Later to an invite-only group of users in the US ahead of a widespread rollout, per a press release.
How it works: The solution is enabled through the Mastercard Installments program, with Goldman Sachs issuing the payment credential. The credit assessment and lending will be done through Apple’s subsidiary Apple Financing.
Why this is a big deal: The long-anticipated Apple Pay Later has strong growth potential.
Apple Pay Later’s launch will undoubtedly reverberate across the BNPL industry and could redraw the competitive landscape, stealing market share from segment leaders. Apple’s financial health and firepower give it a competitive advantage out of the gate, and we expect it to make significant BNPL lending inroads.
This article originally appeared in Insider Intelligence's Payments Innovation Briefing—a daily recap of top stories reshaping the payments industry. Subscribe to have more hard-hitting takeaways delivered to your inbox daily.
One Liberty Plaza9th FloorNew York, NY 100061-800-405-0844