Apple Pay Later Joins the BNPL Game

Mar 29, 2023 | Payments

As more and more people look for flexible payment options, Buy Now Pay Later (BNPL) services have become increasingly popular. While Klarna, Affirm, Quadpay, and PayPal have been in the BNPL game for a while, Apple Pay has recently joined the party with its own BNPL service, Apple Pay Later. This blog post will examine how Apple Pay Later compares to some of the most popular BNPL services.

As someone who loves to shop online, I’ve tried my fair share of BNPL services over the years. Some have been great, while others have left me frustrated and confused. So I was excited to hear about Apple Pay Later and how it stacks up against the competition.

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PayPal

First, let’s take a closer look at PayPal’s BNPL service. PayPal offers several BNPL options, including Pay in 4 and Pay Credit. PayPal Pay in 4 allows you to split your purchase into four payments, while PayPal Credit offers more flexible payment terms over a more extended time. Overall, PayPal’s BNPL options are straightforward to use. However, it’s worth noting that PayPal Credit does come with a high-interest rate, so it’s essential to read the fine print before signing up.

Klarna

Next on the list is Klarna, a popular BNPL service that has been around since 2005. Klarna offers a range of payment options, including Pay in 4, Pay Later, and Slice it. Pay in 4 allows you to split your purchase into four payments, while Pay Later gives you up to 30 days to pay. Slice offers longer-term financing options with fixed monthly payments. Klarna is known for its sleek and user-friendly app, making tracking your expenses and purchases easy.

Affirm

Affirm is another popular BNPL service offering flexible online purchase payment options. Affirm allows you to split your purchase into monthly payments with interest rates ranging from 0% to 30%. They also offer longer-term financing options with fixed monthly payments. Affirm’s mobile app is easy to use and makes it simple to keep track of your payments.

Zip formerly Quadpay

Zip is a newer player in the BNPL game, but they’ve quickly gained popularity thanks to their simple payment options. Zip allows you to split your purchase into four payments with zero interest and no fees. They also offer an app that makes it easy to keep track of your payments and purchases.

Apple Pay Later

Finally, let’s take a look at Apple Pay Later. Apple’s BNPL service is unique in that it integrates directly with the Apple Wallet app. Apple Pay Later allows you to split your purchase into monthly payments with interest rates ranging from 0% to 29.99%. They also offer a pay-in-full option if you don’t want to split your payment. While Apple Pay Later is still relatively new, it has the advantage of being directly integrated with the Apple ecosystem, making it easy for anyone using Apple products.

Which BNPL service is exemplary for you?

That depends on your individual needs and preferences. If you’re looking for a straightforward and easy-to-use service, PayPal or Quadpay might be your best option. If you want more flexibility with your payment terms, Klarna or Affirm might be a better choice. And if you’re already an Apple user and want to keep everything in one place, Apple Pay Later might be the way to go.

Conclusion

BNPL services offer a great way to make purchases more manageable and flexible. While Apple Pay Later is a newcomer to the BNPL game, it has the advantage of being directly integrated with Apple.

If you want to add a BNPL to your e-commerce, then Signature Payment’s vertically integrated payment gateway, Tunl, might be the right choice.