“Buy Now, Pay Later” (BNPL) services have been on the rise in recent years, allowing consumers to purchase a product while paying in short-term installments without interest. However, they also attracted a fair share of criticism due to high fees for late payments and for encouraging consumers to buy things they can’t afford.

Notifying its clients about the ban, Chase prompted them to add another payment method to their BNPL account in order to avoid the risk of missing their payments.

In a statement shared with The New York Times, Chase said that BNPL services “are a form of credit” and that the bank generally doesn’t allow the use of its credit cards as a form of payment for other credit products.

Some experts believe that the ban is actually a strategy to encourage Chase customers to turn to the bank’s own BNPL service Chase Pay Over Time. Others have welcomed the decision, saying it serves as a protection for consumers.

“I applaud Chase for the decision because it will protect consumers from becoming overextended,” Adam Rust, director of financial services at the Consumer Federation of America, told The New York Times.

The post JPMorgan Chase Bans Use of Its Credit Cards for Third-Party BNPL Services appeared first on theprimarymarket.com.

The service, which was announced in the summer of 2022, will apply to online and in-app purchases that customers make using their iPhones or iPads. The minimum purchase is set to $50, while the maximum loan Apple Pay Later offers is $1,000. Any store or service that accepts Apple Pay will also offer a “buy now, pay later” service.

At the moment, Apple Pay Later won’t be available to all iPhone and iPad users. Instead, Apple will offer the service to randomly select users in the U.S., who will gain access to a pre-release version of Apple Pay Later through their Apple Wallet app. All other eligible users will get access in the “coming months.”

Apple won’t pay charge any interest or fees for the use of Apple Pay Later. However, the company notes that the “user’s bank may charge them fees if their debit card account contains insufficient funds to make loan repayments.”

 “There’s no one-size-fits-all approach when it comes to how people manage their finances. Many people are looking for flexible payment options, which is why we’re excited to provide our users with Apple Pay Later,” said Jennifer Bailey, Vice President of Apple Pay and Apple Wallet, in a statement.

With Apple Pay Later, Apple will expand its services business while also tapping into a growing market. The Buy Now, Pay Later industry was worth $6.13 billion in the U.S. in 2022, with estimated 79 million users.

The post Apple Officially Launches Its “Buy Now, Pay Later” Service appeared first on theprimarymarket.com.

Called Apple Pay Later, the service will be built into Apple Wallet. According to the company, the users will be able to split one payment for a product into four equal portions that will be deducted over a period of six weeks. The first portion of the payment will be deducted from their account after the initial purchase, with the remaining portions being charged every two weeks. There will be no interest or fees.

Apple Pay Later is expected to roll out later in 2022 and will be first made available to customers in the United States. It is expected that the user will have to undergo a “soft credit check” and be approved before taking advantage of the option.

In its official statement, Apple claims that this service is “designed with users’ financial health in mind.” However, many experts doubt that the company has the best interest of its customers in mind. There are concerns that Apple Pay Later, like all other “buy now pay later” services, might cause more harm than good due to its potential for abuse. This includes encouraging non-essential purchases and drawing users into a vicious cycle of loans.

The post Apple Announces “Buy Now Pay Later” Option for iOS 16 appeared first on theprimarymarket.com.

“Buy Now, Pay Later” (BNPL) services have been on the rise in recent years, allowing consumers to purchase a product while paying in short-term installments without interest. However, they also attracted a fair share of criticism due to high fees for late payments and for encouraging consumers to buy things they can’t afford.

Notifying its clients about the ban, Chase prompted them to add another payment method to their BNPL account in order to avoid the risk of missing their payments.

In a statement shared with The New York Times, Chase said that BNPL services “are a form of credit” and that the bank generally doesn’t allow the use of its credit cards as a form of payment for other credit products.

Some experts believe that the ban is actually a strategy to encourage Chase customers to turn to the bank’s own BNPL service Chase Pay Over Time. Others have welcomed the decision, saying it serves as a protection for consumers.

“I applaud Chase for the decision because it will protect consumers from becoming overextended,” Adam Rust, director of financial services at the Consumer Federation of America, told The New York Times.

The post JPMorgan Chase Bans Use of Its Credit Cards for Third-Party BNPL Services appeared first on theprimarymarket.com.

The service, which was announced in the summer of 2022, will apply to online and in-app purchases that customers make using their iPhones or iPads. The minimum purchase is set to $50, while the maximum loan Apple Pay Later offers is $1,000. Any store or service that accepts Apple Pay will also offer a “buy now, pay later” service.

At the moment, Apple Pay Later won’t be available to all iPhone and iPad users. Instead, Apple will offer the service to randomly select users in the U.S., who will gain access to a pre-release version of Apple Pay Later through their Apple Wallet app. All other eligible users will get access in the “coming months.”

Apple won’t pay charge any interest or fees for the use of Apple Pay Later. However, the company notes that the “user’s bank may charge them fees if their debit card account contains insufficient funds to make loan repayments.”

 “There’s no one-size-fits-all approach when it comes to how people manage their finances. Many people are looking for flexible payment options, which is why we’re excited to provide our users with Apple Pay Later,” said Jennifer Bailey, Vice President of Apple Pay and Apple Wallet, in a statement.

With Apple Pay Later, Apple will expand its services business while also tapping into a growing market. The Buy Now, Pay Later industry was worth $6.13 billion in the U.S. in 2022, with estimated 79 million users.

The post Apple Officially Launches Its “Buy Now, Pay Later” Service appeared first on theprimarymarket.com.

Called Apple Pay Later, the service will be built into Apple Wallet. According to the company, the users will be able to split one payment for a product into four equal portions that will be deducted over a period of six weeks. The first portion of the payment will be deducted from their account after the initial purchase, with the remaining portions being charged every two weeks. There will be no interest or fees.

Apple Pay Later is expected to roll out later in 2022 and will be first made available to customers in the United States. It is expected that the user will have to undergo a “soft credit check” and be approved before taking advantage of the option.

In its official statement, Apple claims that this service is “designed with users’ financial health in mind.” However, many experts doubt that the company has the best interest of its customers in mind. There are concerns that Apple Pay Later, like all other “buy now pay later” services, might cause more harm than good due to its potential for abuse. This includes encouraging non-essential purchases and drawing users into a vicious cycle of loans.

The post Apple Announces “Buy Now Pay Later” Option for iOS 16 appeared first on theprimarymarket.com.