Apple Pay Incorporates Affirm to Broaden Mobile Pa
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Posted On: 09/24/2024 5:04:10 PM
Apple Pay Incorporates Affirm to Broaden Mobile Payment Options
Payment network Affirm recently announced that it is integrating with Apple Pay to expand Apple Pay’s payment options. Apple Pay users on both iPad and iPhone can now make scheduled payments, thanks to Affirm’s integration. Furthermore, the payment network can break down qualifying purchases into either biweekly or monthly payments with rates as low as 0% APR.
iPadOS 18 and iOS 18 users with Apple Pay will be able to make payments over time via Apple Pay’s Other Cards & Pay Later Options when they check out. Once they select Affirm, Apple Pay users will be subject to a quick eligibility check that will not impact their credit score. After they receive approval, the users will have access to various payment plans and can use touch ID or face ID to complete their choices.
Both new Affirm users and individuals who already hold Affirm Cards will be able to use the payment network at Apple Pay checkout. According to Affirm, it will underwrite every transaction individually with zero hidden or late fees. The collaboration will allow Apple Pay users to simultaneously leverage Apple Pay’s superior security and private features as well as the flexible payment options offered by Affirm.
The partnership between Affirm and Apple Pay and Apple Pay’s is at the nexus of two swiftly growing segments: mobile money and buy-now-pay-later (BNPL). Mobile money has been around for more than a decade, but it was pushed to the forefront during the COVID-19 pandemic when in-person interactions and physical cash were discouraged. BNPL has also been around for a while, primarily as hire purchase, but the evolution of BNPL services in recent years has had a major impact on credit landscapes and consumer spending.
BNPL allows consumers to pay for goods in batches of smaller payments, and many services don’t charge any late fees or interest if buyers make their payments on time. The growing popularity of these services comes amid a surge in demand for flexible and transparent payment options that easily integrate with virtual marketplaces.
These services also allow consumers to budget their finances and make large purchases that would have required months or even years of saving, without going into debt or experiencing major financial strain. Such services are especially popular with younger buyers who are more likely to seek alternatives to conventional loans and credit cards. Apple Pay’s integration of Affirm highlights a growing trend of tech companies teaming up with BNPL providers and points to the convergence of new payment solutions and mobile money solutions such as Apple Pay.
As mobile payments continue to evolve, we are likely to see other emerging players such as FingerMotion Inc. (NASDAQ: FNGR) gaining traction in the different markets where they have interests.
NOTE TO INVESTORS: The latest news and updates relating to FingerMotion Inc. (NASDAQ: FNGR) are available in the company’s newsroom at https://ibn.fm/FNGR
Please see full terms of use and disclaimers on the ChineseWire website applicable to all content provided by CW, wherever published or re-published: https://www.ChineseWire.com/Disclaimer
Payment network Affirm recently announced that it is integrating with Apple Pay to expand Apple Pay’s payment options. Apple Pay users on both iPad and iPhone can now make scheduled payments, thanks to Affirm’s integration. Furthermore, the payment network can break down qualifying purchases into either biweekly or monthly payments with rates as low as 0% APR.
iPadOS 18 and iOS 18 users with Apple Pay will be able to make payments over time via Apple Pay’s Other Cards & Pay Later Options when they check out. Once they select Affirm, Apple Pay users will be subject to a quick eligibility check that will not impact their credit score. After they receive approval, the users will have access to various payment plans and can use touch ID or face ID to complete their choices.
Both new Affirm users and individuals who already hold Affirm Cards will be able to use the payment network at Apple Pay checkout. According to Affirm, it will underwrite every transaction individually with zero hidden or late fees. The collaboration will allow Apple Pay users to simultaneously leverage Apple Pay’s superior security and private features as well as the flexible payment options offered by Affirm.
The partnership between Affirm and Apple Pay and Apple Pay’s is at the nexus of two swiftly growing segments: mobile money and buy-now-pay-later (BNPL). Mobile money has been around for more than a decade, but it was pushed to the forefront during the COVID-19 pandemic when in-person interactions and physical cash were discouraged. BNPL has also been around for a while, primarily as hire purchase, but the evolution of BNPL services in recent years has had a major impact on credit landscapes and consumer spending.
BNPL allows consumers to pay for goods in batches of smaller payments, and many services don’t charge any late fees or interest if buyers make their payments on time. The growing popularity of these services comes amid a surge in demand for flexible and transparent payment options that easily integrate with virtual marketplaces.
These services also allow consumers to budget their finances and make large purchases that would have required months or even years of saving, without going into debt or experiencing major financial strain. Such services are especially popular with younger buyers who are more likely to seek alternatives to conventional loans and credit cards. Apple Pay’s integration of Affirm highlights a growing trend of tech companies teaming up with BNPL providers and points to the convergence of new payment solutions and mobile money solutions such as Apple Pay.
As mobile payments continue to evolve, we are likely to see other emerging players such as FingerMotion Inc. (NASDAQ: FNGR) gaining traction in the different markets where they have interests.
NOTE TO INVESTORS: The latest news and updates relating to FingerMotion Inc. (NASDAQ: FNGR) are available in the company’s newsroom at https://ibn.fm/FNGR
Please see full terms of use and disclaimers on the ChineseWire website applicable to all content provided by CW, wherever published or re-published: https://www.ChineseWire.com/Disclaimer
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