Apple released its buy now, pay later service in the US, threatening to derange companies like Affirm Holdings and Klarna.
This new offer will enable users to split purchases into four payments, which they can spread over six weeks. In addition, this service has no interest or fees, according to the company.
Initially, it will be released to selected users, while it has plans to roll out fully in the coming months.
Moreover, users can get loans between $50.00 to $1,000.00 for online and in-app purchases on devices like iPhones and iPads. It is applicable for merchants that accept Apple Pay Later, as said by the company. They added that over 85.00% of US retailers accept this new service.
As said by analysts, Apple Pay Later will strike some other players. This would affect the market share of other companies.
Moreover, the Mastercard Installments program allows the offered service. Merchants that accept this will not need to make changes to implement software for their users.
Apple said users could apply for a loan with the Apple Wallet app without affecting credit scores. Based on analysts, a soft credit will be done once they have a selected amount they want to withdraw. This ensures they are in an excellent financial position to handle a loan.
Gangnam District Welcomes Apple Customers
In Seoul’s world-famous Gangnam District, Apple previewed Apple Gangnam. It will offer an ideal space for users to discover an incredible lineup of products and services offered with support from team members.
The company’s Gangnam has almost 150 highly experienced retail team members who can speak more than a dozen languages. Also, teams will help customers take advantage of vital retail services. This includes the Apple Trade-In program, monthly financing options, and Apple Pay. These are launched recently in South Korea.
It will be an educational hub for participants with a diverse Today at Apple. Additionally, it will provide a roundtable setting for a better customer experience.