Apple is jumping into the buy now, pay later market

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Apple Inc is jumping into the buy now, pay later market, adding another challenge to fintech companies such as Klarna and Affirm

The iPhone maker announced the move as part of a range of product updates at its annual developer conference on Monday, alongside a new version of its custom processor for desktop computers, M2.

The Silicon Valley company has been steadily pushing deeper into financial products over recent years, as part of its broader drive to boost sales from services such as Apple Music and iCloud storage. It has offered multiyear instalment plans for purchases of expensive gadgets such as iPhones and Macs for seven years. In 2019, it partnered with Goldman Sachs and Mastercard to launch Apple Card, a credit card for U.S. customers with no annual fees.

Analysts expect rising defaults and lower non-discretionary spending to hurt profit margins at fintech specialists such as Affirm and Klarna, while rising interest rates could push up operating costs for some players.

 

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