BNPL loan firms jump into the Apple Pay Later gap
Affirm, Monzo and others are jumping into the gap the demise of Apple Pay Later created
I had a lot of hope for Apple Pay Later, but the company’s decision to shutter the BNPL service to make way for something else has now turned into an opportunity for others in the space, with Affirm and Monzo diving in to get you hooked on short-term credit.
Farewell Apple Pay Later, hello others
When it shut its own service the company said it would introduce a payment system later this year which will be available globally, through credit and debit cards, when checking out with Apple Pay. There have been no signs of this yet.
“Our focus continues to be on providing our users with access to easy, secure and private payment options with Apple Pay, and this solution will enable us to bring flexible payments to more users, in more places across the globe, in collaboration with Apple Pay enabled banks and lenders,” it said at that time.
But what has emerged is the first third-party services.
Apple Pay Later: Will we ever see the like again?
Affirm, Monzo and others are coming online
The first two to enter the fray are Affirm (US) and Monzo (UK). I understand Australia’s ANZ, HSBC, Spain’s CaixaBank and others are all sniffing at similar integrations. These new BNPL on Apple platforms partners get to access the market and make use of Apple’s NFC chip, now it has opened up access to these to third parties.
In the UK, Monzo Flex customers will be able to make use of the service when shopping online.
Kunal Malani, general manager at Monzo, says:
“Our customers love using their Flex credit card with Apple Pay and we’re thrilled to be the first bank to bring this feature to Apple Pay users in the UK. Now our customers are able to choose their monthly payments — right at checkout with Apple Pay when using their Monzo Flex credit card. This brings an even more convenient experience for our customers when shopping online.”
Meanwhile in America’s US, Affirm has stepped in to offer its own BNPL service using Apple Pay. To begin, users with iOS 18 and iPadOS 18 or later can select “Other Cards & Pay Later Options” when checking out with Apple Pay on their iPhone or iPad. After choosing Affirm, they will go through a quick eligibility check that will not impact their credit score.
What Apple said
“We are excited to provide users with even more flexibility and choice when making a purchase using Apple Pay with the introduction of Affirm loans at checkout with Apple Pay,” said Jennifer Bailey, Apple’s Vice President of Apple Pay and Apple Wallet.
“This gives users access to Affirm’s pay over time options right at the point of purchase, and leverages the easy, secure and private experience that our users already enjoy with Apple Pay.”
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