FinTech: Apple Announces New Fintech-Like Features For Its Wallet App Including BNPL

June 7, 2022 | FinTech, Latest News, News

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

Free Industry News

Subscribe to our free newsletter for updates and news about alternatives investments.

  • This field is for validation purposes and should be left unchanged.


Latest Alternative Investment News
Digital Assets: Chase UK Blocks Crypto Transactions; CoinBase CEO Brian Armstrong Pans Decision
September 27, 2023     Digital Assets, News

Chase U.K. is set to block crypto-related payments starting October 16, with customers no longer able to make such transactions using debit cards or outgoing bank transfers. In an email…
FinTech: Visa Commercial Pay Virtual Cards Now Available To Lloyds Bank Customers
September 27, 2023     FinTech, News

Visa (NYSE: V) and Lloyds Bank (LON: LLOY) have joined forces to introduce a cutting-edge virtual card solution, designed to cater to businesses of all sizes. This innovative product, known…
Artificial Intelligence: Tree-Strapped AI Sentries Warn Of Deforestation In Real Time

Small AI-equipped boxes called “curupiras” have been deployed in the Brazilian Amazon to combat deforestation. These boxes use sensors and AI software to detect sounds of chainsaws and tractors, signaling…
Venture Capital: Industry Ventures Closes On $1.7B In Commitments For Two Funds
September 27, 2023     Latest News, News, Venture Capital

Industry Ventures has successfully raised over $1.7 billion in two new funds aimed at assisting venture capital investors in achieving liquidity. The first fund, Industry Ventures Secondary X, has attracted…