Apple Pay Later: It quickly enters the market

by jc / July 20, 2023 2:34 PM EDT

Apple Pay Later, Apple's new deferred payment service, has generated great enthusiasm among users, despite its staggered launch.

This innovative feature allows users to make purchases and pay for them later, providing flexibility and convenience in the payment process. Despite its limited availability, its impact has been so significant that it has generated high customer demand.

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Apple Pay Later is off to a promising start!

Despite the phased rollout, it is expected that Apple PayLater It will expand globally in the coming months, further increasing its popularity and usefulness. Apple users are eager to enjoy the benefits of this new feature in their everyday purchases, and its adoption is expected to continue growing rapidly.

This is supported by a new study released today, which suggests that Apple is taking business away from other "buy now, pay later" services like PayPal, Afterpay, and others. It's worth noting that a new survey conducted this week by JD Power of 8.000 shoppers who used MNPL services revealed that:

Nearly 20% of shoppers who used a buy now, pay later system in the last three months opted for Apple Pay Later instead of other competing services.
While 39% of buyers opted for the PayPal financing option.
Another 33% of the market opted for Afterpay.
Finally, with a combined 11% of the market, Sezzle and Zip Co complete the top five positions in this survey.

These results have led Miles Tullo, CEO of JD Power, to predict a strong start for Apple Pay Later. He believes that Apple's brand recognition and overall user loyalty are contributing to a promising future for the service.

Apple's new savings account

It's worth noting that Apple's new service launched in March, offering users the option to split purchases into four equal payments over six weeks, with no fees or interest. Apple Pay Later is a completely new offering and is available for any product or service you buy using Apple Pay or in-app purchases.

Users can request Apple Pay Later when paying with Apple Pay or through Apple Wallet. Thanks to positive user feedback, adoption of the service is expected to continue growing, especially since merchants have also expressed interest in integrating this payment option into their platforms. This allows for a smoother and more engaging shopping experience for customers.