Apple Pay Later is more about making Apple Pay more convenient than trying to dominate the 'buy now, pay later' arena, analysts say
Apple is jumping on the"buy now, pay later" bandwagon, following in the footsteps of companies including Klarna and PayPal.
It's being offered by Apple Financing, making it the first time Apple will handle tasks such as loans and credit assessments itself in a move Claire Holubowskyj of Enders Analysis told Insider:"Removing the friction from using BNPL in-store will be an important differentiator for consumers, particularly as in-store retail continues to return post-pandemic, and will give Apple a leg up on competitors."She said Apple won't be expecting a mass uptake of the offering given how fragmented the market is and how late they are to the party.
It will also help Apple sell more devices, said Tom Forte, a senior research analyst for Brendler:"I see this effort as having the potential to increase demand for iPhones, including from consumers currently using Android devices.", but only accounts for 18% globally. It shipped almost 225 million devices last year, down from 237 million in 2021.
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