In July, it became clear that Apple had plans to offer a Buy Now, Pay Later option and get into competition with Affirm, Klarna, PayPal, Afterpay, and other companies to enable consumers to make payments in installments.This article will shed light on the topic and help you find a secure and cheap high risk merchant account for your eCommerce business.
BNPL Getting More Popular
COVID-19 has made online shopping become more popular across the world. As a result, BNPL has surged in popularity as well. The BNPL industry is forecast to go on evolving and reach a$166bn by 2023, as GlobalData reports. According to Allied Market Research, the industry could even account for $3.98tn by 2030.
The upcoming years will witness more companies adopting the BNPL style with various payment options. The current developments and future trends in payments make it more critical than ever to work only with an expert payment processor that can help you with the right merchant processing solutions.
Thanks to a reputable payment processing company, you can get fast and easy access to the safest, most sophisticated and cheapest merchant processing services, including a high risk merchant account.
Apple’s BNPL Option
Earlier, the tech giant reported it was planning to offer two options for installment payments. One of them would be about making payments in four interest-free installments every two weeks. The second one would allow this type of payments across several months with interest.To use the new feature,Apple Pay Later, users just need to submit an application and identification through their iPhone’s Wallet app.
In August, Apple entered into a new partnership with Affirm aimed at bringing a joint BNPL solution to Canada. These aren’t the only news from Apple.
Apple users will be able to addCOVID-19 vaccine cards to their Apple Wallet. Moreover, Apple Card users will be able to use a dynamic CVV feature in iOS 15. In addition, Apple Pay has new partnerships, including payment and expense management platform PayHawk, FinTech startup Wamo, cryptocurrency exchange Kraken, and not only.
Apple’s BNPL Offering
The BNPL industry is booming, especially after COVID-19. More companies are starting to offer BNPL solutions. Apple has also decided to add BNPL services to its fintech solution.
Author Bio:Blair Thomas has been a music producer, bouncer, screenwriter and for over a decade has been the proud Co-Founder of eMerchantBroker, the highest-rated high risk merchant account processor in the country. He has climbed in the Himalayas, survived a hurricane, and lived on a gold mine in the Yukon. He currently calls Thailand his home with a lifetime collection of his favorite books.