Aug 3 (Reuters) – Apple Inc (AAPL.O) and Affirm Holdings Inc’s PayBright (AFRM.O) are planning to launch a “buy now, pay later” program for Apple device purchases in Canada, Bloomberg reported News that allows people to pay for iPhone, Mac and iPad over a period of 12 to 24 months.
In the US, Australia and Europe, Buy Now, Pay Later is marketed as an alternative to credit cards. The service has surged in popularity during the pandemic as consumers look for other options to make purchases that are easier on the wallet.
On Monday, Square Inc (SQ.N), the payments company of Jack Dorsey, the co-founder of Twitter Inc (TWTR.N), announced that it has acquired buy-now, pay-later pioneer Afterpay Ltd (APT.AX) for $29 billion will be taken over by a transactional giant that will compete against banks and tech firms in the finance sector’s fastest-growing business. Continue reading
Square’s deal for Afterpay would allow the company to compete with PayPal Holdings Inc (PYPL.O) and unlisted Swedish startup Klarna Inc, which was valued at $46 billion when it last raised it in June.
Apple and Affirm plan to unveil the program at Apple Stores in Canada this month, Bloomberg reported, citing a message sent to Apple retail employees in the region.
According to the Bloomberg report, the service will allow iPhone, Mac and iPad buyers in Canada to pay for purchases over a 12- or 24-month period, rather than in full at the time of transaction. (https://bloom.bg/37i1zCt)
Apple did not immediately respond to a Reuters request for comment, and Affirm declined to comment.
Last month, Bloomberg reported that Apple was working on a service that would allow shoppers to pay for purchases in instalments, and that the company would use Goldman Sachs Group Inc (GS.N) as the lender for loans made through Apple Pay. Continue reading
Reporting by Noor Zainab Hussain and Ankur Banerjee in Bengaluru; Edited by Maju Samuel and Shinjini Ganguli
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