Apple took advantage of its WWDC 2022 conference to present the new features of iOS 16. One of them concerns Apple Pay Later, a feature that offers consumers the possibility of making their purchase now and paying for it later, with payment facilities and no fees.
Almost a year ago, we told you about the possibility for Apple Pay to offer consumer credit and installment payments. It’s now official, the company has presented it as one of the many new software features of iOS 16. The principle is simple: you can buy online or in store with Apple Pay, and refund the amount later, having the possibility of paying up to 4 times.
Apple specifies that payments can be spread over six weeks, “without interest or charges of any kind”. The Californian company will use the MasterCard network, but did not specify which bank will be responsible for the credit. The name of Goldman Sachs had been mentioned by Bloomberg when this payment system was only a rumor. The service will be available in the fall alongside the official rollout of iOS 16 to compatible iPhones, but only in the United States. At least initially.
Apple Pay Later soon available in France?
Launched in 2014 at the same time as the iPhone 6, Apple Pay completely dominates the competition, to the point of attracting the wrath of the European Union, which does not see it in a good light. We also know that Brussels wants to put a stop to the craze that is being created around split payments. According to a survey carried out by the French leader in split payments in 2021, 31% of French people have already used payment in several installments over the last 12 months, compared to 25% in 2020. A market that seems to have a bright future.
The demand is therefore there and Apple may have a desire to conquer the French and European market. But European regulations which are concerned about the rise of large American companies in the banking sector could put a brake on Apple’s ambitions in this area.
But this deferred payment trend also worries the US Consumer Financial Protection Bureau (CFPB), which says it is “concerned” about consumer protection, the potential accumulation of debt and the use of their personal data by companies offering these services.
Source :
Apple