Apple Pay Later is almost here, and it can be huge 🚀; JPMorgan is leading the way in the adoption of AI in banking 🤖🏦; FinTech stocks are coming back to life 📈
FinTech is Eating the World, 6 February
Hey Everyone,
Happy new week! Today’s issue is a perfect start to the new week 🎂 We’re going to look at Apple Pay Later, which is almost here (& why it can be huge + a deep dive into Apple Bank's strategy), JPMorgan, which is leading in the adoption of AI in banking (& it’s perfectly aligned with their badass FinTech strategy), and FinTech stocks that are coming back to life (but they have to stay focused). Let’s jump straight into the fascinating stuff 🌶
Apple Pay Later is almost here, and it can be huge 🚀
The news 🗞 Tech giant Apple AAPL 0.00%↑ has announced that its long-awaited Buy Now, Pay Later (BNPL) solution is in beta testing among Apple employees and is set to be soon available to the public in the US.
More on this 👉 We must remember that Apple’s BNPL proposition titled Apple Pay Later was initially announced at the Worldwide Developers Conference 2022 as a feature of iOS 16, looking to enable customers to pay in installments by having the option selected in the Wallet app when purchasing something with Apple Pay.
The initial expectation was for the feature to be introduced late in 2022, however, this was delayed since the company has been facing significant technical and engineering challenges in rolling out the service.
The USP 🥊 In short, Apple Pay Later allows customers to have the cost of an Apple Pay purchase split into 4 equal payments spread over the course of 6 weeks. Users will be able to apply for Apple Pay Later whenever they are checking out with either Apple Pay or in Wallet, with the service set to be available wherever Apple Pay is accepted online or in-app, leveraging the Mastercard MA 0.00%↑ network (via Goldman Sachs GS 0.00%↑).
Why it matters? 🤔 This move could not only be the next big thing for Apple, but also a serious contender in the burgeoning BNPL market. Here’s the takeaway + a deep dive into Apple Bank's strategy: