![]() US market indices are shown in real time, except for the S&P 500 which is refreshed every two minutes. Your CNN account Log in to your CNN account ![]() “So the possibility is that you could, in your mind, think of everything that you’re buying in those four installments and, as a result, take on more debt than you would if you had to pay for them in full each and every time.”īut Apple says the new feature is “designed with users’ financial health in mind.” Bradford, a research specialist in payment systems for the Kansas City Federal Reserve, previously told CNN. The installment process makes it seem like someone is paying practically nothing for the goods or service they’re acquiring, Terri R. ![]() Other popular services that offer the same payment option include Affirm, Klarna and Afterpay.īut some economists and consumer advocates have raised concerns that these services could cause shoppers to take on more debt. Nonetheless, there’s no downside to promoting it.Amazon to let customers pay with Venmo at checkoutĪpple’s move comes as a growing number of consumers have turned to buy now, pay later services to stretch their budgets at a time of high inflation and broader economic uncertainty. Ultimately, merchants may not know definitively if Apple Pay Later drives new or sooner sales. This association could build credibility - fostering trust and encouraging repeat purchases, as shoppers know they are working with Apple. By offering Apple Pay Later, merchants could benefit from the trust and loyalty associated with the company. There is also the opportunity to leverage Apple’s brand. Promotional options could include a banner on checkout pages or even an embedded video demonstrating how to use the service or, for that matter, other BNPL providers. Sellers can tout Apple Pay Later - particularly to shoppers on an iPhone - and the convenience of splitting purchases into interest-free installments. Most ecommerce platforms allow sellers to accept Apple Pay and display its button. Interested merchants should first make sure they can accept Apple Pay. The launch of Apple Pay Later could prompt qualified shoppers to try the service, creating a short-term bump in sales. A shopper’s own bank may charge, for example, a debit fee, but Apple Pay Later itself is cheap. Even folks flush with cash might consider taking out an interest-free, $1,000 loan now and again. The service does not charge interest and has no fees if the shopper remits on-time payments. Once the shopper has added it, Pay Later should be ready for purchases. Shoppers can apply for new loans, track outstanding loans, and manage repayment in an app they already have. The service is available in Apple Wallet. Many consumers might pick Apple Pay Later over other providers or use BNPL for the first time because they trust the Apple brand and its reputation for delivering secure, quality products and services.Įasy to access. Bottom line, Apple’s massive user base could rapidly enable significant market share in the BNPL space. By some estimates, nine out of 10 physical retail locations in the United States accept Apple Pay. Apple’s BNPL AdvantageĪpple Pay Later could offer four significant advantages for shoppers compared to other services. ![]() Merchants on Shopify, BigCommerce, and other platforms can turn on Apple Pay. Merchants already accepting Apple Pay need no additional action - the BNPL option should work automatically. Users can track, manage, and repay their Apple Pay Later loans in Apple Wallet. ![]()
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