ENG) Apple’s kind of a bank now

https://www.theverge.com/2022/6/8/23160400/apple-kind-of-bank-now-pay-later-bnpl-financial-services

Apple’s kind of a bank now

buy now, pay later (BNPL) service/ The company’s subsidiary, Apple Financing LLC, is reportedly licensed to provide lending services and will remain separate from Apple’s main business. The service will let users make a purchase through Apple Pay, and then pay back that amount in four equal installments over the course of six weeks with no interest. It’s unclear how much Apple will let users spend, but CNBC predicts Apple Pay Later will have a cap of about $1,000. Pay Later is set to roll out to customers in the US first, before expanding later to other countries. BNPL services have come under fire for the potential risk they pose to consumers