Apple already offers a BNPL service calledPay Later.
The U.S. attorneys general has compared BNPL services topredatory lending.
And, in the past,we’ve criticizedApple’s use of BNPL.
Hannah Stryker / How-To Geek
Apple Pay Later and Affirm both perform soft credit inquiries for new borrowers.
These lenders don’t want to follow the rules that every traditional lender follows.
Let’s say you want to buy a $1,000 set of golf clubs, or whatever.
Justin Duino / How-To Geek
If you buy the golf clubs with cash, the $1,000 is gone.
In some circumstances, it can be better than using a rewards card.
Encouraging users to take out a new loan every time they make a purchase is insane.
Yes, retailers already take a stab at shove store credit cards down their customers' throats.
And, yes, BNPL services are now built into the checkout processes of several websites.
Prepare to see a bunch of extra BNPL junk in Apple Pay when you upgrade to iOS 18.
Source:Mashable,Apple
