LONDON: Apple Inc. on Tuesday launched its “buy now, pay later” (BNPL) service in the United States, a move that threatens to disrupt the fintech sector dominated by firms like Affirm Holdings and Swedish payments company Klarna.
The service, Apple Pay Later, will allow users to split purchases into four payments spread over six weeks with no interest or fees, the company said. It will initially be offered to select users, with plans of a full roll-out in the coming months.
Users can get loans between $50 and $1,000 for online and in-app purchases made on iPhones and iPads with merchants that accept Apple Pay, according to the company.
More than 85 percent of US retailers accept Apple Pay, the company said.
“Apple Pay Later will absolutely wallop some of the other players. Other companies would’ve taken a look at Apple’s announcement today because they are an ubiquitous name. This will take a bite out of the market share of other players,” said Danni Hewson, head of financial analysis at AJ Bell.
BNPL firm Affirm’s shares fell more than 7 percent, while PayPal closed about 1 percent lower.
In 2020, pandemic-related lockdowns turned shoppers to online payment platforms, bolstering demand for fintech companies offering BNPL services, especially to millennials and Gen Z customers.
Digital payments behemoths including PayPal and Block Inc. have expanded into the sector through acquisitions, while Affirm went public in a multi-billion dollar listing.
The sector’s fortunes have since turned as rising interest rates and red-hot inflation dampened purchasing power and forced consumers to tighten their purse strings.
“We expect Apple to tread cautiously, especially in this macro environment,” said Christopher Brendler, analyst at D.A. Davidson, alluding to its decision to not use a partner and underwrite, fund, and collect on the loans directly.
Apple Pay Later is enabled through the Mastercard Installments program, the company said, adding that Goldman Sachs was the issuer of the Mastercard payment credential.
Apple launches ‘buy now, pay later’ service
https://arab.news/m2y8n
Apple launches ‘buy now, pay later’ service
- Apple Pay Later service will allow users to split purchases into four payments spread over six weeks with no interest or fees
- Apple said service is currently available to selected users in the US, full rollout coming soon
Shahid, Disney+ and OSN+ launch exclusive streaming bundle across GCC
- Bundle available exclusively visa Shahid for $25 a month
RIYADH: In a landmark regional collaboration, Shahid, Disney+, and OSN+ have announced an exclusive streaming bundle that brings together world-class hits from the three platforms under a single subscription in a first-of-its-kind offer for audiences in the Gulf Cooperation Council countries.
The all-in-one entertainment package, available only through Shahid in the GCC for about $25 a month, grants subscribers full access to three leading platforms covering Hollywood blockbusters, Disney+’s expansive range of beloved films, animations and series, OSN+’s library of HBO originals and international hits, and Shahid’s Arabic premium content.
The bundle is designed to simplify subscription management with a unified payment model, allowing viewers to access all three apps at the price of two and offering a streamlined user experience.
Natasha Matos-Hemingway, chief commercial and marketing officer at Shahid, said the partnership reflects a broader effort to expand digital entertainment offerings in the Middle East, catering to a growing audience seeking diversity, convenience and high-quality programming.
“We are proud to collaborate with OSN+ and Disney+ to offer an unmatched streaming experience to our subscribers,” she said. “With one subscription, one payment, and full access to premium content from all three platforms, we’re delivering unbeatable convenience, value and entertainment.”
With a growing demand for high-quality on-demand content, the bundle is expected to attract a wide range of users seeking comprehensive entertainment without juggling multiple subscriptions.
The move also signals increasing cooperation between global media giants and regional platforms, in a bid to meet the entertainment preferences of Arab audiences while expanding market reach.
Karl Holmes, SVP and general manager at Disney+ EMEA, said the collaboration will bring award-winning series like FX’s “Shogun” and favorites such as “Lilo & Stitch” into a unique bundle with Shahid’s regional hits including “Al Dariya.”
The agreement “reflects a shared ambition between Disney+ and Shahid to shape the future of entertainment in the Middle East,” said Holmes. “The Middle East is young, dynamic and fast-growing, and we’re delighted to give consumers a new and easy way to access extraordinary content at exceptional value.”
Choucri Khairallah, chief business officer at OSN+, said the partnership takes OSN+’s entertainment experience “to the next level.”
He added: “Today’s audiences expect more than great content; they seek seamless access, variety and exceptional value. This all-in-one bundle delivers exactly that.”
