Too rich, Apple lends users money to shop

In an announcement on March 28, technology company Apple has just launched a “buy first, pay later” service called “Apple Pay Later”.

Specifically, Apple says the Apple Pay Later service will allow users to split transactions into four payments spread over six weeks with no interest or fees.

Apple has just launched a “buy first, pay later” service called “Apple Pay Later” (Artwork: Shutterstock)

When using the service, users can receive a loan from 50 to 1000 USD (about 1.2 to 23.5 million VND) to buy goods online and through Apple’s payment application, Apple Pay on iPhone, iPad.

“Many people are looking for flexible payment options. That’s why we’re offering our users Apple Pay Later,” said Jennifer Bailey, vice president of Apple Pay and Apple Wallet. .

The Apple Pay Later service will be made available to a select number of users in the first phase, with plans to roll out to all eligible users in the coming months.

Selected users will see a “Pay Later” option when using Apple Pay to pay online and in apps on iPhone and iPad. Apple says purchases using the software will be authenticated via Face ID, Touch ID, or a password. However, the user will be required to link a debit card as the loan repayment method.

Apple says more than 85% of retailers in the US accept payments with Apple Pay (Image: Getty Images)

Currently, this service is only available in the US market and users will need to update to iOS 16.4 and iPadOS 16.4 operating systems.

Apple’s move is expected to threaten the dominance of financial companies such as Affirm Holdings (USA) and payment company Klarna (Sweden) in the field of fintech (technology combined with finance), according to news agency. Reuters.

“Apple Pay Later will beat some of the competition. Companies will need to be careful about Apple’s announcement because it is a technology giant. It will take away market share from competitors.” Danni Hewson, director of financial analysis at AJ Bell (UK) predicted.