Advertisement

Apple to Expand Further into Payment Services with Built-in BNPL Option

Apple dives into the competitive buy now, pay later BNPL sector with Apple Pay Later

At Apple’s 2022 Worldwide Developers Conference (WWDC), the tech giant unveiled a slew of updates for its impending iOS 16 release, including a new buy now, pay later (BNPL) option  that will be incorporated into Apple Wallet.

The service, called Apple Pay Later, will let users split any Apple Pay purchase into four equal payments, spread over six weeks, with zero interest and no fees. The service will be available everywhere Apple Pay is accepted online or via the Wallet app using the Mastercard network, and shoppers will be able to view, track and repay Apple Pay Later payments directly within their Apple Wallet. At launch, Apple Pay Later will only be available in the U.S.

Apple’s new offering promises to heat up competition in the already crowded BNPL space. Valued at $5 billion in 2021, the global BNPL market is projected to be worth upwards of $39 billion by 2030, according to Grand View Research. However, an increase in missed payments and skyrocketing interest rates are putting a damper on consumer and investor enthusiasm. A number of BNPL pioneers, including Klarna and Affirm, have seen their valuations take a nosedive with recent shifts in the economic winds.

Advertisement

Featured Event

Join the Retail Trendcaster Webinar Series to uncover key 2025 retail trends, from AI and personalization to social commerce. Gain expert insights, data-driven predictions, and actionable takeaways to stay ahead in a rapidly evolving market.

Advertisement

Advertisement

Retail Trendcaster Webinar Series
Days
Hours
Minutes
Seconds

Uncovering What’s Next in Retail

March 17-19, 2025  |  Free On-Demand Digital Event

Q1 is a pivotal time for retail, with experts analyzing holiday sales and forecasting trends. Join Retail TouchPoints’ Retail Trendcaster webinar series for insights on consumer spending, AI, personalization, social commerce, and more—helping you focus on what truly matters in 2025.

Brought to you by
Retail TouchPoints
Register Now
Retail TouchPoints is a brand of Emerald X LLC. By clicking the button and submitting information, you acknowledge and agree that your information may be shared with corporate affiliates of Emerald X LLC, and other organizations such as event hosts, speakers, sponsors, and partners. Please read our Privacy Policy and our Terms Of Use for more information on our policies.

Access The Media Kit

Interests:

Access Our Editorial Calendar




If you are downloading this on behalf of a client, please provide the company name and website information below: