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2
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· Posted on
February 21, 2024

Apple crashes Paypal's (and Afterpay's) buy now, pay later party

Apple has decided it's time to get involved in the popular, but heavily saturated BNPL market

What's the key learning?

  • Tech companies are looking to become fully integrated in your daily lives
  • Apple will use its new buy now pay later service as a way to accelerate the consumer shift to Apple Pay

WHY ARE APPLE GETTING INTO BNPL?

Payments monster PayPal has finally made its ‘Pay in 4 instalments’ option available for Aussie customers.

Just when Paypal should be celebrating, Apple has revealed it's working on a new BNPL service.

Apple's BNPL service will let consumers pay for any Apple Pay purchase in instalments over time. It will be called Apple Pay Later and will be available to customers shopping online or in-store.

So, what's the key learning?

Big Tech companies (like Apple, Facebook and Google) want to become even more central to our lives.

  • Facebook started as a way to connect with friends - but now provides a platform for social commerce.
  • Amazon began as an online bookstore - but now listens to your every request through Alexa.
  • Apple started as a desktop computer - but has now built its own connected operating system for phones, watches, earphones.

Financial services is the final frontier for big tech. Apple will use its new buy now pay later service as a way to accelerate the consumer shift to Apple Pay.

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