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{"id":7571,"date":"2022-06-09T14:41:35","date_gmt":"2022-06-09T14:41:35","guid":{"rendered":"https:\/\/scienceandnerds.com\/2022\/06\/09\/the-ugly-economics-behind-apples-new-pay-later-system\/"},"modified":"2022-06-09T14:41:37","modified_gmt":"2022-06-09T14:41:37","slug":"the-ugly-economics-behind-apples-new-pay-later-system","status":"publish","type":"post","link":"https:\/\/scienceandnerds.com\/2022\/06\/09\/the-ugly-economics-behind-apples-new-pay-later-system\/","title":{"rendered":"The ugly economics behind Apple\u2019s new Pay Later system"},"content":{"rendered":"

Source: https:\/\/www.theverge.com\/2022\/6\/8\/23157184\/ugly-economics-behind-apple-buy-now-pay-later-system-bnpl<\/a>
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Apple is getting into the \u201cbuy now, pay later\u201d (BNPL) business with its new Pay Later service<\/a> built into Apple Pay and Apple Wallet. While Apple bills the service as \u201cdesigned with users\u2019 financial health in mind,\u201d BNPL is a practice that has come under scrutiny by government regulators as something that could potentially harm customers.<\/p>\n

Apple\u2019s Pay Later service, which has been in the works since at least last year<\/a>, lets users make a purchase with Apple Pay and then pay it back in four equal installments over the course of six weeks. There\u2019s no interest on these installments, but it remains unclear if Apple will charge a late fee, and if so, how much it will cost.<\/p>\n

On the surface, BNPL services seem harmless, as some come with no interest and allow for an easy way to pay back a big purchase in chunks. Some BNPL companies have even emerged<\/a> for payments related to healthcare \u2014 with some existing companies, like Affirm<\/a>, adding support \u2014 filling a gap for people who can\u2019t afford to pay healthcare costs upfront. However, this kind of service becomes easy to abuse when used for nonessential purchases.<\/p>\n

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