According to Bloomberg News, Apple and Affirm’s PayBright plan to introduce a “buy first and pay later” program for Apple devices purchased in Canada, allowing people to pay for iPhone, Mac and iPad within 12 to 24 months.
In the United States, Australia and Europe, buy-and-pay later is marketed as an alternative to credit cards. The service became popular during the pandemic as consumers seek other options to make their wallets easier to purchase.
On Monday, Twitter co-founder Jack Dorsey’s payment company Square stated that it will first acquire and then acquire pioneer Afterpay for US$29 billion (approximately Rs 2,1562 crore) to create a trading giant that will cooperate with Banks and technology companies compete for the fastest growing companies in the financial industry.
Square’s deal with Afterpay will enable it to compete with PayPal and the unlisted Swedish startup Klarna, which was valued at $46 billion in its last funding round in June.
Bloomberg’s assistance triggered news to Apple retail employees in the region that Apple and Affirm plan to launch the program in Apple stores in Canada this month.
According to Bloomberg News, this service will allow Canadian iPhone, Mac and iPad buyers to pay for purchases for more than 12 or 24 months, rather than paying in full at the time of the transaction.
Apple did not immediately respond to Reuters’ request for comment, and Affirm declined to comment.
Last month, Bloomberg reported that Apple is developing a service that allows shoppers to pay in installments and will use Goldman Sachs as a lender for loans issued through Apple Pay.
© Thomson Reuters 2021