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Home Fintechs Apple Pay Later Emerges as a Fierce Competitor in the Buy-Now-Pay-Later Market,...

Apple Pay Later Emerges as a Fierce Competitor in the Buy-Now-Pay-Later Market, Despite Limited Availability

Although Apple Pay Later has been accessible since March, not everyone can use it. A recent poll reveals that Apple is already competing with rival buy-now-pay-later services like Paypal, Afterpay, and others for customers despite the restricted availability.

According to a recent JD Power survey, which was covered by MarketWatch, roughly 20% of consumers who used a buy-now-pay-later in the previous three months chose Apple Pay Later over the competitors.

When compared to Afterpay, about 39% of buyers chose PayPal’s financing option, which secured 33% of the market. Sezzle and Zip Co completed the top five, holding a combined 11% of the market for buy-now-pay-later transactions. The statistics were obtained from a survey of 8,000 consumers who made purchases using MNPL services.

Apple Pay Later’s explosive growth has been credited to both brand familiarity and the general brand loyalty of Apple users, according to Miles Tullo, managing director at JD Power.

“When you consider these other brands, getting customers to use their products requires a hand-to-hand struggle. The BNPL market, according to Tullo, “seems to not have a lot of loyalty at the moment. That’s undoubtedly advantageous for Apple.

With the March release of Apple Pay Later, customers may now divide purchases into four equal payments spread out over six weeks without incurring any fees or interest. The function is accessible wherever that accepts Apple Pay in-app and online.

Although Apple Pay Later’s rollout began in March, it has progressed extremely slowly thus far. Since then, Apple has gradually increased the number of consumers who may access its offerings. The incremental rollout only serves to highlight Apple’s amazing 20% market share.

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