![]() ![]() ![]() Mastercard has automatically enrolled all U.S. Apple Pay Later is powered by Mastercard Installments. Why is Apple Pay Later surfacing for my customers ?Īpple Pay Later will surface for select U.S. Starting March 28, 2023, randomly selected users will be invited by Apple to get early access to a prerelease version of Apple Pay Later via Apple Wallet and through their Apple ID email. Stripe is working with Apple to offer the pre-release version of Apple Pay Later, a buy now, pay later service. Frequently Asked Questions Does Stripe support Apple Pay Later? When a merchant accepts Apple Pay, Apple Pay Later will be an option for their eligible customers during checkout online and in apps on iPhone and iPad. More information on the MasterCard Installments program can be found here. Nonetheless, there’s no downside to promoting it.Apple Pay Later (1), a buy now, pay later service, allows users to split purchases into four payments, spread over six weeks with no interest and no fees (2), while merchants are paid upfront.Īpple Pay Later is enabled through the Mastercard Installments (MCI) program, so eligible merchants that accept Apple Pay do not need to do anything to implement Apple Pay Later for their customers. Ultimately, merchants may not know definitively if Apple Pay Later drives new or sooner sales. This association could build credibility - fostering trust and encouraging repeat purchases, as shoppers know they are working with Apple. By offering Apple Pay Later, merchants could benefit from the trust and loyalty associated with the company. There is also the opportunity to leverage Apple’s brand. Promotional options could include a banner on checkout pages or even an embedded video demonstrating how to use the service or, for that matter, other BNPL providers. Sellers can tout Apple Pay Later - particularly to shoppers on an iPhone - and the convenience of splitting purchases into interest-free installments. Most ecommerce platforms allow sellers to accept Apple Pay and display its button. Interested merchants should first make sure they can accept Apple Pay. The launch of Apple Pay Later could prompt qualified shoppers to try the service, creating a short-term bump in sales. A shopper’s own bank may charge, for example, a debit fee, but Apple Pay Later itself is cheap. Even folks flush with cash might consider taking out an interest-free, $1,000 loan now and again. The service does not charge interest and has no fees if the shopper remits on-time payments. Once the shopper has added it, Pay Later should be ready for purchases. Shoppers can apply for new loans, track outstanding loans, and manage repayment in an app they already have. The service is available in Apple Wallet. Many consumers might pick Apple Pay Later over other providers or use BNPL for the first time because they trust the Apple brand and its reputation for delivering secure, quality products and services.Įasy to access. Bottom line, Apple’s massive user base could rapidly enable significant market share in the BNPL space. ![]() ![]() By some estimates, nine out of 10 physical retail locations in the United States accept Apple Pay. Apple’s BNPL AdvantageĪpple Pay Later could offer four significant advantages for shoppers compared to other services. Merchants on Shopify, BigCommerce, and other platforms can turn on Apple Pay. Merchants already accepting Apple Pay need no additional action - the BNPL option should work automatically. Users can track, manage, and repay their Apple Pay Later loans in Apple Wallet. ![]()
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