The official agency US Consumer Financial Protection Bureau (CFPB) spells upon the concerned statement in regards to Apple Pay Later and other Big Tech offerings entering the “buy now, pay later” (BNPL) borrow business system.
Now according to the Financial Times, CFPB director Rohit Chopra, says that the regulator will also “have to take a very careful look [at] the implications of Big Tech entering this space.” CFPB is already examining the BNPL market, with five existing players all now required to submit detailed information to the agency
As Apple has introduced a new feature of their firm’s payment system that will allow users to split separate purchases into separate payments. The publication says that his comments were deliberate as a warning shot to Silicon Valley, specifically because of Apple’s launch of its Apple Pay Later service.
This new introduction of Apple’s service allows users to fix up their amount to be paid according to their convenience as Apple says to split any Apple Pay purchase into four equal payments over six weeks with no additional interest or fees.
When users make an Apple Pay purchase, they’ll get the option to split the cost. The purchase page will detail how much the individual payments are and when they will be due.
Payment plans are managed through Apple Wallet.
The feature is also baked into the Apple Pay platform, meaning it’ll already be supported in different apps and services. In the arrival of the ‘buy now, pay later service’, Apple Pay also supports intelligent order tracking for purchases, allowing users to easily see when their orders will arrive in the Wallet app.