Apple and Affirm have teamed up to introduce a “Buy Now, Pay Later” (BNPL) program that allows users to finance their purchases through Apple Pay. This partnership enables customers to split their purchases into four equal payments over six weeks with no interest or fees, making it easier for users to manage their finances while shopping for Apple products and other items online or in-app.
The new service, called Apple Pay Later, is integrated into the Apple Wallet app, providing a seamless experience where users can apply for, track, and manage their loans. When making a purchase with Apple Pay, customers can select the Pay Later option and follow the steps to apply for a loan. Once approved, the loan is added to their Wallet, allowing them to view and manage all their BNPL transactions in one place.
Apple Pay Later is designed with user privacy and security in mind. It utilizes Face ID, Touch ID, or passcode for authentication, ensuring that only the user can make purchases. Additionally, Apple does not share or sell spending history or loan details to third parties for marketing purposes.
Affirm, known for its transparent and simple interest financing options, supports this initiative by providing the backend for these loans. Unlike traditional credit cards that may charge compound interest and hidden fees, Affirm’s partnership with Apple ensures users only pay the amount disclosed upfront, with no late fees or additional charges.
Starting today, Apple will invite select users to access a prerelease version of Apple Pay Later, with plans to expand availability in the coming months. This service is available for purchases between $75 and $1,000 made on iPhone and iPad, provided the merchant accepts Apple Pay.
This collaboration marks a significant step in offering flexible payment solutions, aiming to help consumers make responsible borrowing decisions while enjoying the convenience of Apple Pay.
For more detailed information, you can visit the official announcements on Apple’s website and Affirm’s website.