Apple to launch Buy now, pay later that (BNPL) is a type of short-term financing that allows consumers to make purchases and pay for them at a future date. BNPL is generally structured like an instalment plan money lending process that involves consumers, financiers, and merchants. Financiers pay merchants on behalf of the consumers when goods or services are purchased by the latter. It is a wonderful service this same process at following many companies, including Flipkart and Ola, have now introduced Buy Now Pay Later for the convenience of their customers. It is known that this has been very well received among the customers. In that sense, Apple has now introduced this method. We will now look at the full details of this.
Apple is planning to join the buy now, pay later movement, according to an announcement at its Worldwide Developers Conference on Monday. The tech giant plans to launch Apple Pay Later, a service that will be integrated with Apple Pay. Apple Pay Later allows users to split up a transaction into four equal payments, and then they pay it down over six weeks with no interest. Users will make the first payment upfront, with the remaining payments occurring every two weeks. Users will be able to use Apple Pay Later when they’re checking out with Apple Pay or in the Apple Wallet. These payments are later repaid by the consumers over time in equal instalments. The number of instalments and repayment period varies depending on the BNPL financiers.
Apple Buy Now Pay Later
The service called apple Pay Later is to buy Apple products now and then pay. Apple announced the new service at the recent 2022 Global Developers Conference. Initially the service will be launched in the United States and will gradually be expanded to all countries. Pay later will be configured in Apple Wallet first. With Apple Pay, customers can pay for any item they purchase after a certain period of time. Paying Zero interest and fees with a fixed installment.
Qualification : Apple will first do a credit check to qualify for this service. This feature is designed to take into account the financial status of the users
Apple enters the sector already with a competitive advantage example It has been reported that Apple is going to launch a new search engine, which will create stiff competition for Google in this situation. For the past few years it has already been rumored that Apple is going to launch a new search engine. It is noteworthy that the company was then ridiculed but reports from People say that’s just what’s happening with Apple’s search engine.
How to Use Apple Pay Later 2022?
Under Apple’s Buy Now Pay Later ‘offer, customers can buy their favorite iPhone for free first. It is enough to pay back the money. You can buy not only the Apple iPhone but also various Apple products including the Apple iPad and Apple MacBook Air there are already a lot of places where you can buy the item first and then pay. But the introduction of this feature to the iPhone has caused excitement among iPhone lovers With Apple Pay. Later integrated with Apple Pay and Apple Wallet, users don’t need to involve a third-party service and can activate and manage their payments directly on their Apple device.
Consumer Benefits :Apple seeks to increase sales and profits while taking into account the consumer financial position. Consumers should also be aware of the pros and cons of using such a service.
What’s The Point For Apple?
Sales will Increase
It is expected that Apple will be able to attract millions of people to its products and services, with huge sales growth. Apple products are sure to attract grassroots customers with this project. The number of middle class people buying iPhones will increase. So sales and profits will also increase. As Apple’s customers begin to use the Pay Later service more and more, it will be of great benefit to merchants as well.
Younger Generation Usage on iPhone
It is noteworthy that this program brings immediate satisfaction from a consumer psychological point of view and the younger generation in particular has been very supportive of this service. People have always been more interested in iPhones. The price is okay though; They will try to buy the iPhone somehow. Thus the sales of iPhones will be better than the competition for other low cost smartphones.
Demerits on Apple Buy Now Pay Later
The fact is that the purchase now and then the payment service will not be good for customers with unregulated financial status. People with low incomes and low incomes should use this service considering the risks involved in using these services.
Also Read : Apple Music for Free.
Although BNPL payments are usually interest-free, financiers have been noted to report defaults more frequently than successful repayments to credit-reporting agencies, potentially putting the credit rating of consumers in jeopardy. Checks conducted by financiers on credit bureau scores have also been critiqued for being scant. These checks are cursory, if conducted at all, and mainly evaluate income statements only.
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