The news: Apple Pay Later will be “launching soon,” according to CEO Tim Cook, who told CNBC that Apple employees are beta testing the buy now, pay later (BNPL) feature.
Wait is nearly over: Apple introduced Apple Pay Later in June. It lets users split Apple Pay purchases into four interest-free installments spread over six weeks.
But after Apple delayed the offering’s anticipated September 2022 rollout, it didn’t give a new launch date. Technical difficulties and impending BNPL regulation may have scuttled the launch.
The market picture: Apple can capitalize on the US BNPL market, where growth is set to surge.
Will Apple Pay Later succeed? The delayed launch likely won’t hurt the Big Tech firm’s strong chances of BNPL growth.
That reach will help Apple Pay Later. But Apple will have to compete in a crowded market that includes fintechs, banks, and payments heavyweights like Mastercard and Visa. And they’ll all have to operate within a US regulatory landscape that’s poised for an upheaval later this year.
Deeper dive: Check out our US Buy Now, Pay Later Forecast 2022 report to see how BNPL growth will defy an uncertain economic outlook.
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.
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