Buy Now Pay Later is the new darling around town and until recently a select few companies held the monopoly. Apple, one of the largest names in the mobile phone space, has recently joined the party with their latest release of Apple Pay Later. The software allows users already familiar with the Apple Pay services on iOS devices, a chance to split their purchases into six short installments among retailers at over a quarter of a million retailers worldwide.
Originally created as a way to fund department store transactions, the credit-based financing tech provides a route to purchase virtually a variety of goods without breaking the bank. Meanwhile, Block Inc’s Afterpay and Klarna,two of the premier pack leaders in the BNPL space have taken a beating as their stocks have tumbled as much as 4.8% following news of Apple’s foray into the instant financing arena. Touting a user base of a colossal 85% merchant network, the company is poised to dominate in finance as it already does in tech. Reaching over $126 billion in annual revenue as it continues to pick up pace,Apple is sure to conquer the new market at a breakneck pace.
