FinTech: Apple Announces New Fintech-Like Features For Its Wallet App Including BNPL
The new functionalities will be offered with the iPhone software, iOS 16, to launch this fall.
Apple (NASDAQ: AAPL) announced features that will soon be offered in its new iOS16 software, including one that takes the battle right into fintechs’ turf : Apple Pay Later, a buy-now-pay-later (BNPL) product. A new payments system will also launch later this month that transfers money by tapping two iPhones. (CNBC)
Apple Pay Later
Apple users in the US will be able to avail Apple Pay Later and split the cost of an Apple Pay purchase into four equal payments spread over six weeks, with zero interest and no fees whatsoever. The product will be inbuilt into the Apple Wallet and would be available everywhere Apple Pay is accepted online or in-app, using the Mastercard network.
Users can also monitor and repay their Apple Pay Later payments from within their Wallet.
Tap to Pay
Apple also said at WWDC it will make available Tap to Pay on iPhone this month, allowing small merchants and independent sellers in the United States to use their iPhone as a payment terminal.
The system works using NFC technology between compatible iPhones (Models XS or newer) and will be available as an option inside Apple Pay.
This was initially announced in February 2022. More recently, Apple said it will work with Square to build its Tap to Pay into the latter’s POS terminals.
The above initiatives show Apple’s determination to ultimately have everything in your physical wallet replaced by the digital Wallet app.
They are also a part of a larger strategy to keep as much as possible of customers’ financial lives within the Apple ecosystem.
Related Story: Apple Wants A Bigger Slice Of The Fintech Pie
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