After months of speculation, Apple AAPL, +1.15% finally unveiled its buy now, pay later offering this week, wading into an industry that’s experienced explosive growth. But consumers should be wary of jumping into the service and first consider some of the potential pitfalls, observers say.
Already a red-hot product, BNPL is likely to see a powerful surge in interest with the entry of a tech behemoth like Apple, analysts say. Apple’s BNPL product is powered by the Mastercard MA, +0.62% network, and it is slated to be available wherever Apple Pay is a payment option. Payments can be managed on the iPhone itself via Apple Wallet.Prior to Apple’s announcement, more than 10% of U.S.
“You just have to be careful to not overspend, because $50 here and $50 there can really add up,” Rossman added. “There’s some danger of overspending.” Particularly amid this inflationary environment, with gas and grocery prices high, there is a temptation to use BNPL to defer costs. The Fed’s survey said that most people who use BNPL make payments on time. Late payments, however, were more common among those who made less than $50,000 a year, and among people who said they had lower credit scores.
Imagine missing a payment and your subscription is off
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