Apple device users will soon be able to tap into buy now, pay later loans from Affirm for purchases, the companies said Tuesday.Affirm will surface as an option for U.S.
For instance, while Apple's BNPL loan lets users repay purchases in four installments made over six weeks, Affirm has an array of longer-term offerings that can be repaid over a year or more. The companies didn't provide details on the terms of the new loans. "The bottom-line — in our view — is that Affirm's strong brand and sophisticated underwriting technology have a moat that Apple likely could not replicate on its own," Mizuho Securities analyst Dan Dolev said in a research note.
Thanks to the ubiquity of the Apple iPhone, Apple Pay has more than 500 million users around the world and a leading market share in the U.S. for its mobile payment and digital wallet platform.