Shopping Application With Installments – Apple’s now-pay-later product has a clear distribution strategy, which means it is not a direct threat to Affirm, Klarna and Afterpay.
Apple’s entry into the buy-now-pay-later market has been one of its best-kept secrets: Analysts predicted a 2020 launch. The most common sign in the move was predictable: Apple was here to disrupt the competition. The company has a history of slowly jumping into new territory and still managing to come out on top – the iPod came out when there were dozens of MP3 players on the market.
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However, some analysts have a very different view. When you look under the hood, Apple Pay Later is clearly different from what Klarna and Affirm offer, they say — and it’s not a market predator.
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“This is an opportunity to expand buy-now-pay-later services to people who haven’t used them before,” said Ian Rasmussen, head of North American securities ratings at Fitch Ratings.
There are two main reasons for this. First, Apple is selling its pay-as-you-go proposition to customers in a completely different place than competitors. Second, the customers Apple is targeting have habits that differ significantly from traditional “buy now, pay later” users.
The most common payment providers have a simple initial marketing strategy: they work with sellers who usually have their logo on the counter and allow customers to pay over time. Many of these partnerships are exclusive, allowing a company like Klarna to be a single provider for customers checking out at Macy’s. Close integration is designed to encourage conversations. Harry Kohl, chief executive of Fitch Ratings, said reducing or eliminating “friction” was a “huge factor” in helping customers sign up.
Pay-later companies are trying to expand their reach through super-finance programs, which allow customers to apply for payment plans even if there is no transaction with the seller, although this is less likely than pressing a button at checkout requires more steps. Other tools are virtual and physical cards that allow customers to pay online or in-store, such as Debit + Affirm’s card or Klarna card.
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Apple Pay Later lives in Apple’s digital wallet, which is an iPhone feature that the company is trying to leverage. Users are prompted to check out later with Apple Pay each time they use Apple Pay, or they can deposit credit directly into the wallet. Customers who do so can pay in four installments spread over six weeks. Apple said the wallet will also show users their Apple Pay Later plans and payments for the next 30 days.
Surprisingly, Apple Pay Later is almost entirely separate from Apple’s other venture into consumer credit, Apple Card. (Apple Card has its own Pay-as-you-go feature, but only for Apple products.) Customers must link payments to a debit card, not a credit card like Apple Card.
Apple’s advantage is the widespread availability of iPhones among consumers and Apple Pay among merchants – especially in retail, where payment companies try to use cards to encourage use.
“It’s a different mindset,” said Patrick DellaValle, director of the financial services practice at Guidehouse. According to him, Apple does not have to compete with other companies that later pay for exclusive contracts with retailers and can focus on continuing to generate revenue from loyal Apple consumers. “They may lose [some customers], but it could be a deliberate strategy if you focus on those customers who pay in advance with Apple Pay,” he said.
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These existing Apple customers are different from the type of customer that buy-now-pay-later companies talk about serving: usually a young person with a disability with credit cards. Third-party surveys consistently show that Apple customers earn more and spend more than Android users.
According to a report by eMarketer, nearly three-quarters of paid users in the US are Gen Z, or millennials. Adults earning between $50,000 and $100,000 are more likely to “buy now, pay later.” A study by The Ascent also shows that 45% of these customers use “buy now, pay later” to pay for something that wasn’t already in their budget.
All of this suggests that Apple isn’t making Apple Pay Later to push existing “buy now, pay later” customers away from their services. Instead, it seems that the company has created a product for people who love Apple, aimed at getting the most out of the Wallet app and Apple Pay.
Mike Taiano, Fitch’s senior director of North American banking, sees it simply. “It’s another layer to get into the daily lives of customers,” he said. “I didn’t necessarily think they would automatically go to the top of the leaderboard.”
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And “buy now, pay later” could be just one of many products Apple has in mind. The company is making a big fintech play to bring more of its financial infrastructure in-house. A long-term goal is not to allow customers to pay later. he could let them decide how to pay.
Veronica Irwin (@vronirwin) is a San Francisco-based reporter covering fintech. Previously, he was an examiner in San Francisco, covering technology from a hyperlocal perspective. Prior to that, his writing appeared in SF Weekly, The Nation, Techworker, Ms. Magazine and The Frisk.
His rulings on major cryptocurrency cases have been cited by “The Big Lebowski,” “SNL” and “Dr. Strangelove.” This is because he wants to – yes, you read them.
The manner in which Zia Faruqi (right) has handled the cases brought before him can provide an indication to defense lawyers as to which legal framework is appropriate.
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This is not a quote from “The Big Lebowski” – at least, not directly. This is an excerpt from a Washington, DC court memo opinion on the role of cryptocurrency analytics tools in government investigations. Its author is Justice Zia Farooqi.
It’s not common for reviewers to refer to pop culture, nor the level of cryptocurrency experience that Farooqi has. His remarks cleverly referenced McLaughlin’s team parodies of “The Big Lebowski,” “Dr. Strangelove” and “SNL.” They also show a uniquely detailed understanding of how criminals can use cryptocurrencies to their advantage, and more importantly, how they can’t: in a January ruling, for example, Faruqi argued that “cash creates more challenges for law enforcement.” Cryptocurrencies to decentralized wallets.” In another, he called blockchain’s anonymity a “myth” and made it clear that cryptocurrencies are an ineffective tool for criminals to evade sanctions.
His opinions are not the product of spending time on crypto Twitter. Previously, before becoming a judge, Faruqi was one of a group of prosecutors at the US Attorney’s office in Washington, DC, who called themselves “Bitcoin Strikeforce” and worked with agencies such as the IRS and the FBI on federal investigations. There, Faruqi prosecuted cases related to terrorism, child pornography, and arms proliferation. The most famous case involved a dark website called “Welcome to Video,” which facilitated the download of approximately 360,000 child sexual exploitation videos to 1.28 million members worldwide with bitcoins. Bitcoin’s immutable ledger has been used to identify criminals.
A magistrate judge does not set a precedent like a High Court judge – a supervisory decision is to be followed only by the lower courts and not the decision of the Supreme Court. But the way Farooqui handles the cases brought before him can give defense attorneys a clue as to which legal frameworks are appropriate. For example, crypto lawyers relied on his previous decisions in the context of Tornado Cash sanctions.
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Farooqui talked about the power of his position and what people in crypto need to understand about the law.
I really learned this when I was a prosecutor. The other prosecutor there was Christopher Brown—you know, Chris Brown—and he was interested in this when we were both working in the Washington, D.C., financial crimes office. US Attorney. He felt that “it’s getting bigger and we have to look at it”.
Our U.S. Attorney at the time, Jesse Liu, had this idea of using financial investigations in a way that would not only be limited to white collar crimes or even drug cases, but also cyber investigations, national security investigations, and civil cases. . A lot of what we researched was about tracking money, and that’s why he wanted us to be this multidisciplinary unit.
So we started “Bitcoin StrikeForce” or so we called ourselves. But I have to say that we started out with the intention of making a t-shirt and we never did that while I was there. And now I’m gone! So if they have, I don’t know if I’ll get them.
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Your decisions also got a lot of attention. I mean, you quote “SNL,” you quote “The Big Lebowski,” you
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