Home Tech Apple’s potential ‘buy now, pay later’ plan sends sector tumbling

Apple’s potential ‘buy now, pay later’ plan sends sector tumbling

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A shopper uses the mobile payment service Apple Pay at a supermarket, amid the coronavirus disease (COVID-19) outbreak, in Ronda, southern Spain October 9, 2020. REUTERS/Jon Nazca

  • Apple, Goldman Sachs plan BNPL service – Bloomberg
  • Afterpay, Zip and Sezzle slide around 10% each
  • Affirm falls as much as 14% in U.S. trading

July 13 (Reuters) – Apple Inc (AAPL.O) is working on a service that will let users pay for any Apple Pay purchase in instalments, Bloomberg News reported on Tuesday, sending shares of Afterpay and other ‘buy now, pay later’ (BNPL) companies sharply lower.

Apple will use Goldman Sachs (GS.N), its existing partner since 2019 for the Apple Card credit card, as the lender for the loans, Bloomberg reported, citing people familiar with the matter.

Afterpay (APT.AX) slid close to 10% soon after markets in Australia, where most BNPL firms are listed, opened on Wednesday. Zip Co Ltd (Z1P.AX) and Sezzle also fell sharply. Affirm Holdings Inc (AFRM.O)

Click here for full article…www.reuters.com