Apple Pay Later could raise concerns over BNPL regulation

Apple Pay Later provides users in the US with a seamless and secure way to split the cost of an Apple Pay purchase into four equal payments spread over six weeks, with zero interest and no fees of any kind. Built into Apple Wallet and designed with users’ financial health in mind, Apple Pay Later makes it easy to view, track, and repay Apple Pay Later payments within Wallet.
Apple Pay Later allows users to split the cost of an Apple Pay purchase into four equal payments spread over six weeks.
Users can apply for Apple Pay Later when they are checking out with Apple Pay, or in Wallet. Apple Pay Later is available everywhere Apple Pay is accepted online or in-app, using the Mastercard network.
Kelsey Ramirez for Credible:

The company’s entrance to the market could raise new concerns over the lack of regulation in the sector, an expert said.
Apple’s venture into BNPL highlights “the growing opportunities offered by fintech,” GlobalData Associate Analyst Beyza Karakoy said.
“Apple’s acquisition of British fintech Credit Kudos earlier this year signaled its desire to expand further into financial services and reap the benefits offered by fintech,” Karakoy said. “However, the arrival of big tech will raise new concerns about the lack of regulatory oversight in the BNPL market. Apple’s move will represent a new challenge for fintech companies such as Klarna, Clearpay, and Affirm, which currently dominate the market.”
“Generation Z has been a big driver of the growth of BNPL services as they are wary of credit card fees and prefer to spread their purchases over a longer period,” GlobalData Associate Analyst Amrit Dhami said. “BNPL is convenient for consumers and lucrative for retailers as it reduces cart abandonment… The BNPL sector now has big tech’s stamp of approval.”

MacDailyNews Take: As we wrote last month:
With zero interest, no fees, and seamless, friction-free, ease of use, Apple Pay Later will indeed disrupt the “Buy Now Pay Later” market.
The world’s best customers will happily and organically use Apple Pay Later, not any of the soon-to-be also-rans who will be relegated to scrounging at the bottom of the barrel for those most likely to default.
See ya, Affirm et al. – wouldn’t want to be ya!
Interns: Please perform your sacred duty. Happy Independence Day Weekend to our United States of America visitors! Prost, everyone!