Apple to Launch ‘Buy Now, Pay Later’ Service in Canada
According to Bloomberg, Apple is set to launch a new ‘buy now, pay later’ service in Canada this month.
The service will debut through Apple’s partner Affirm Holding Inc. and its subsidiary PayBright, allowing customers to buy iPhone, iPad and Mac but spread payments out over 12 or 24 months.
According to Bloomberg’s Mark Gurman, Apple sent a memo to store employees in Canada detailing the program, coming in August. The new program will debut with an interest-free promotion for a limited time after its launch.
“Some customers visiting Apple want to buy now and pay later,” reads the Apple Canada memo to staff. “Now, they have a new option that lets them pay over time for their favorite Apple products.”
While U.S. Apple customers can pay off Apple Watch and AirPods via monthly payments using Apple Card, Canadians know this isn’t available in Canada. But the addition of this new ‘Buy Now, Pay Later’ program may suggest Apple Card could be in the works here, at some point in time (maybe in the next decade or two?).
Gurman says the iPhone maker is also working on a new service called ‘Apple Pay Later’, that will allow an item purchased with Apple Pay to be repaid over multiple months. Two versions of this service is being worked on by Apple, one with zero interest and offering four payments, or another with interest but payments that last over “several months”, according to Bloomberg.