Young consumers can now buy now, pay later from their Apple Wallets. Apple is rolling out plans for the new BNPL service to be available in the U.S for iPhone and iPad users. Shoppers can ask for a loan inside the Wallet app (ranging from $50 to $1K) and if approved, they’d be able to repay the amount in four installments over a six-week period with no interest or fees. Although not all Apple owners will see the update: the tech giant says it’s “randomly inviting ‘select users’ to try out a prerelease version of the feature.” Payment installation options have been on the rise for young consumers with services like Paypal, Klarna, Affirm and Zip. Recent data from YPulse’s Food Shopping & Trends report shows that 14% of young consumers have used a BNPL service when checking out and even more used BNPL services to shop over the holidays. (Washington Post)
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